David came to this country as a Dreamer at the age of 14 – crossing the border with his sister on his back, as they escaped political turmoil in their native Guatemala. David and his family settled in Southern California, where his mother worked as a janitor, and his father, a carpenter. He learned English in public schools, before earning scholarships to Stanford and Harvard law. As a young man, he came out to his family and friends, and he is now married to his husband of 20 years.
Wall Street speculators are thriving off the housing crisis as California residents are being displaced from their homes and communities.
Rising housing prices and the economic impact of the pandemic have enabled large investors to snatch single-family homes off the market and drastically alter the character of our neighborhoods. For example, in 2021, Wall Street speculators owned nearly $60 billion worth of homes across the country and have continued to expand at an alarming rate since.
Wall Street Speculators put outrageous profits before people – that is what they do. Here is what I think we should do – pass a “displacement fee” for Wall Street landlords. Speculators snatching homes should pay the cost of helping to re-house those they are displacing.
This displacement fee would also be used to develop affordable housing across our state. The people who cook our food, wash our dishes, clean our homes and offices, and take care of our kids should be able to find affordable housing in the communities where they work.