The East Bay Permanent Real Estate Cooperative’s new way to build housing equity

By Jade Yamazaki Stewart of Oakland Magazine

Excerpt: [East Bay Permanent Real Estate Cooperative's] organization uses cooperative ownership models to turn tenants into owners and give them the opportunity to build equity and intergenerational wealth. It’s part of a larger movement to make housing affordable one property at a time. In the Bay Area, the Oakland Community Land Trust, the Bay Area Community Land Trust, and the Northern California Community Land Trust are all buying properties and turning them into affordable housing. But the East Bay co-op’s funding and ownership model is unique.

Tia Taruc-Myers and her husband had been living in a North Oakland fourplex on 61st Street off of Martin Luther King Jr. Way since 2008. Although she had an absentee landlord, rent stayed at around $460 per room, so she didn’t complain. Then, last summer, the landlord painted the building a color Taruc-Myers describes as “gentrifier gray” and put it up for sale. “We were really scared when we heard the building was going to be sold,” she said. “We felt that we were definitely going to lose our home.” So Taruc-Myers reached out to the co-op's Executive Director Noni Session, and she eventually agreed to take on the property as its first project, to be known as Co-op 789.

Read the full article here.

(Originally published October 2, 2019.)

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