Event Coverage
SILVAR Members Attend Virtual Meetings with Legislators
More than 35 Silicon Valley REALTORS® met with Assemblymember Evan Low.
At Tuesday's California Association of REALTORS® Virtual Legislative Day, SILVAR members had the opportunity to meet with their legislators on Zoom. Members met with Assemblymembers Evan Low and Marc Berman and state Senator Dave Cortese.
Members pressed legislators to side with REALTORS® on two hot issues - vote YES on C.A.R.-supported bill AB 2170 (Grayson), which limits bulk sales of foreclosed homes, and OPPOSE AB 2469 (Wicks), which seeks to impose a statewide rent registry. Both bills are in the Assembly and have not yet been assigned to a committee.
Current law allows GSEs Fannie Mae and Fredie Mac to sell REOs in bulk to institutional investors. This leaves fewer homeownership opportunities for other buyers, including first-time homebuyers. Members said AB 2170 will provide owner occupants and public entities to get a "first look" for a 30-day period, require all lenders to receive all offers during this period and to respond to "first look" offers before investor purchasers. This bill will prohibit GSEs from conducting bulk sales in California.
Members indicated AB 2469 creates a statewide rental registry and forces all rental owners to submit data of every unit they own. Those who do not submit information will not be allowed to raise rent, evict a tenant, even for criminal activity. This bill would impact all landlords - small and large, and is cumbersome because they would have to list all payments they collect, including utilities, and list the number of tenants at a unit where a tenancy was terminated and the reason for terminations. Members explained this bill does nothing to create more housing that the state desperately needs and it wastes tax dollars.
The legislators said they would study each of the bills. They praised REALTORS® for their work and said they looked forward to meeting them personally in Sacramento on April 27.
"You are our eyes and our ears. You are the boots on the ground. I welcome your input and your insight," said Low.
Low is frustrated that the younger generation is priced out of living in Silicon Valley. He said even he cannot afford to buy a home. Low said while he respects the position of cities wanting to retain a small-town feel, he noted, "This is a crisis at the expense of the younger generation."
Cortese said his work has focused on housing financing, tax credit increases, and first-time homebuyer assistance. He expressed concern about AB 2469 and remarked a state rental registry could conflict with privacy rights, including the California Public Records Act.
Berman said his goal is to develop housing and increase homeownership. "My hope is to create more housing of all types at all different affordability levels."
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
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