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California Puts up $500 Million for Community Ownership Against Big Real Estate

California Puts up $500 Million for Community Ownership Against Big Real Estate
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Law Inspired By Moms 4 Housing Helps Grandmother Stay in Her Pinole Home

NBC Universal, Inc. A grandmother in the East Bay managed to stop a private equity firm from buying the home she was living in with the help from a new state law inspired by the Moms 4 Housing movement. “It really makes me feel good that I can see the results of a bill that I carried,” said State Senator Nancy Skinner.  Download our mobile app for iOS or Android to get the latest breaking news and local stories. She referred to SB 1079, which says foreclosed homes must be sold one at a time, in order to prevent speculators from buying up foreclosed homes in bulk. 

Grandma Challenges Real Estate Giant in Early Test of New California Law

 (Beth LaBerge/KQED) Jocelyn Foreman was full of nervous energy and dread. It was a crisp morning in early March. She arrived at the Pleasant Hill Community Center to find a handful of men and women in a semicircle outside the sandstone-colored building, clutching folders and holding cell phones. They were there for a foreclosure auction, poised to bid on the house that Foreman rents: a single-story, 1,500-square-foot tract home in Pinole. It’s a simple home, set back from the street, with a steep sloping backyard, worn carpets and a roof that leaks when it rains. A man with a clipboard started the bidding at $175,000. A woman in a maroon sweatshirt and another man offered competing bids. First $176,000. Then $177,000. Then $180,000.

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