Ban Land Grabs in Richmond:
Protect Housing, Communities, and the Future
Presented by: Sustainable Economies Law Center
For Agenda Item Dated: June 17, 2025
Purpose of Presentation
• Share key data on corporate speculation in housing
• Introduce our Ban Land Grabs policy
• Highlight why Richmond should study this policy
The Crisis of Land Grabs
• Nationwide, housing is increasingly
treated as a financial asset—like
the land grabs after the LA fires
• Corporate entities and investors
are speculating on our homes and
communities
• Driving up housing costs and
displacing long-time residents
Rise of Corporate Ownership
Institutional ownership of housing
crowds out first-time homebuyers:
• Investors bought 26% of the
country’s most affordable homes in
late 2023
• Wall Street landlords increase rents
by almost twice the rate of other
landlords
• Meanwhile, only 15 percent of
California households can afford to
purchase a median-priced home
Source: Government Accountability Office, 2023
Housing Costs
Skyrocketing housing costs
drive displacement in
Richmond.
Since 2000, median rents have
increased from $800 to $1900.
Additional Context for Richmond
• In the city, absentee ownership has surged:
10% (2006) → 40% (2012)
• Nearly 50% of households in Richmond are
cost-burdened.
The City Can Buck These Trends.
Corporate Ownership Bans Gaining Momentum
• CA SB-1212 (2024): Blocks investment firms from buying single-family homes
• U.S. Rep. Ro Khanna’s Act (2022): Taxes institutional homebuyers
• CA AB-1240 (2025): Limits mega-investors from buying
more homes
• Many states already ban corporate or foreign ownership of farmland
Our Ban Land Grabs Proposal
Prohibit for-profit corporations from purchasing homes
unless they are building affordable housing. Proactively shape the housing market to only allow the following entities to purchase housing:
• Nonprofits
• Public Agencies
• Limited Equity Cooperatives
• Individuals (who do not already own multiple properties)
What This Ordinance Will Do
• Stabilize neighborhoods
• Curb profit-seeking speculation
• Support community-based housing
• Block corporate home hoarding
• Create a fairer housing market
The Time is Now
• The City is already a leader in progressive
policy making
• We must stand up to corporate real estate
interests
• Let’s lead with courage and compassion
Conclusion & Call to Action
We urge Richmond City Council to:
• Vote to initiate studying and drafting this ordinance • Support a strong and enforceable policy
• Protect Richmond families and our collective future
Let’s make Richmond a leader in housing justice.