Cooling down CA’s overheated housing market

San Francisco, Los Angeles, San Diego

2021/09/24

In Q2 2021, one of six home purchases nationwide was made by business investors, who dumped a stunning **$49B** into hot markets. Locally, house flippers are also swooping in to buy homes, extracting a quick profit with superficial improvements. This lucrative practice is making Los Angeles County less inclusive and less affordable. Buying low and selling high is destroying the American Dream for families who can’t match the inflated prices. Pasadena Planning Commission on the city’s draft Housing Element mentions “flipping and speculative investment”, but no new policies to deal with the impact on affordability.