It's been an exciting and challenging summer for California tenants. The good news: through our collective power, we are fighting back. Here's just a slice of the work Tenants Together and our members, partners, and allies are doing this summer!
For the first time we have raw data on the magnitude of the eviction crisis that so many people in our communities already know from firsthand experience.
Over the course of their research, they conducted more than 100 interviews with tenants who are essentially renting from Wall Street firms. The report tells the stories of absurd rent increases, dangerous failures in property management, and high eviction rates. And, as the authors note, lower income families and people of color are disproportionately affected by these practices.
Matthew Desmond is an academic who teaches at Harvard - a sociologist or, you could say, an ethnographer. But I would like to claim him as a journalist, and one who has set a new standard for reporting on poverty. In Milwaukee, he moved into a trailer park and then to a rooming house on the -poverty-stricken North Side and diligently took notes on the lives of people who pay 70 to 80 percent of their incomes for homes that are unfit for human habitation.
California cities are being victimized by the latest iteration of Wall Street predation—the purchase in bulk of distressed single-family mortgages and foreclosed homes, so-called Real Estate Owned (REOs) properties—with the intent to rent them. Through this REO to Rental process, investors are muscling out first time homebuyers, displacing tenants, outbidding nonprofit affordable housing developers, and changing the demographics of whole communities.
The dramatic changes in the economic and social landscape of San Francisco has not gone unnoticed by some city officials, especially when confronted with continuing community pressure such as a the very lively and youthful Oct. 4 march through the Mission demanding an end to evictions.
“Previously you had individual ‘mom and pop’ landlords, but now you have companies that have large portfolios that span multiple states – [will] the systems that they are putting in place [...] be able to keep up?” -- Sarah Edelman, policy analyst at the Center for American Progress
Gayle McLaughlin, the bold mayor of Richmond, California is threatening to take underwater mortgages by eminent domain from Wall Street banks and renegotiate them on behalf of beleaguered homeowners. A member of the Green Party, which takes no corporate campaign money, she proved her mettle standing up to Chevron, which dominates the Richmond landscape. Richmond’s city council is only one vote short of the supermajority needed to pursue the eminent domain plan.
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