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California  + Apartments  | 

California Law Restrains Corporate Ownership of Foreclosed Homes

California Governor Gavin Newsom signed legislation that will help the state make significant progress toward reaching housing construction and equity goals. The package of 15 bills signed this week includes new rights for tenants and community groups to purchase homes facing foreclosure, as well as a series of improvements to state law designed to generate more inclusive and affordable neighborhoods and bring housing within reach of more working Californians.

The bills the Governor signed are expected to streamline funding for affordable housing, encourage developers to build more moderate-income homes, and help teachers find housing affordable for them. Once such bill, SB 1079 by Senator Nancy Skinner (D-Berkeley), is designed to restrict corporations from buying up foreclosed homes and halt them falling into disrepair.

That means tenants, families, local governments, affordable housing nonprofits and community land trusts will have a chance to buy foreclosed homes first. Sellers of foreclosed homes won’t be allowed to bundle and sell properties at auction to a single buyer. Buyers would have 45 days to exceed the top auction bid.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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