Background: SB 1079 was introduced earlier this year by Sen. Nancy Skinner to reduce land grabs resulting from foreclosures auctions. In August, we helped add a significant new section to the bill that gives it some actual teeth, and it could be a huge win for tenants, land trusts, local governments, and real estate cooperatives. In brief, if a home is not purchased at auction by someone who will be living in the home (i.e., it’s purchased by profiteers who plan to flip it or manage it as a rental), then there will now be a 45-day hold period in which tenants, potential owner-occupants, nonprofits, cooperatives, and others (see detail) can purchase the property by either matching or exceeding the auction’s winning bid!
- Link to bill on Legislature’s website
- Assembly Judiciary Committee’s very helpful analysis
- August bill language is also pasted here with some of our comments and highlights
Spread the word!
- Sample social media post:
Gov Newsom just signed SB 1079 to help fight corporate land grabs! Follow @theselc to learn how the community can outbid real estate investors: https://www.theselc.org/homes_for_communities
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