A bill signed into law this week reduces the home-buying power of corporate interests in California — a nod to the famous Moms 4 Housing movement that sought to put property back into the hands of local residents.

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Gov. Gavin Newsom signed SB 1079 — or Homes for Homeowners, Not Corporations — into law Monday. The new law prevents corporations from snapping up bundles of homes during foreclosure auctions, instead giving tenants and families an opportunity to buy them individually. It also incentivizes landlords to make use of the homes they own, by increasing the fines cities can charge owners that leave residential properties vacant or blighted.

“SB 1079 sends a clear message to Wall Street: California homes are not yours to gobble up; we won’t tolerate another corporate takeover of housing,” Sen. Nancy Skinner, D-Berkeley, wrote in a news release. “Under SB 1079, families will have a fair chance at homeownership, and our local governments will have new tools to stop blight.”



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