2028: Housing Justice
Housing affordability is a huge problem in Oregon (and in the US).
We believe that the root cause of this problem is the commodification of housing -- when housing is more valuable as an investment than as shelter for people.
We also believe that recent efforts to address this affordability crisis are wholly inadequate: either "too little, too late" (as in the 21st Century ROAD to Housing Act) or simply "barking up the wrong tree" (as in the fetishization with "supply").
Goal:
To enable Oregon households to transition housing from institutional ownership to resident ownership in 2028 – through legislative action or the initiative process.
Legislative Inspiration:
Sen. Jeff Merkley’s S.3402 “End Hedge Fund Control of American Homes Act” (summary).
In short, this bill establishes a 10-year schedule for institutional investors to divest of their single-family residences (1-4 units) and individuals who don’t currently own a home are eligible purchasers, enforced with a 50% tax on new purchase and $50,000 penalty per unit for non-divestment (revenue after administration and enforcement funds down payment assistance programs.
Current Status:
We are developing two different concepts, both based on Sen. Jeff Merkley's S.3402.
Concept A (lite version) modifies S.3402 in several ways (like strengthening the definition of "institutional investor") and expanding the policy to include:
“Qualified properties” includes manufactured home parks and floating home communities;
“Exempt entities” includes community land trusts, land banks, co-ops, housing authorities, and social
housing orgs and they can purchase;
Noticing Requirements;
Tenant Right of First Offer;
Tenant Right of First Refusal; and
Support for IDAs, and membership share cost assistance
Concept B (extra strength version) goes even further and aims to create the financing, preservation, and legal infrastructure necessary to make resident ownership transitions possible at scale, and includes all of Concept A pls:
“Qualified properties” includes multi-family residences;
Tenant Opportunity to Purchase;
Establishes the Oregon Resident Ownership Preservation Fund;
Preservation Purchase Authority and Buyer of Last Resort;
Public Financing Authority;
Seller Financing Requirements for Qualified Preservation Purchasers;
Anti-Displacement Protections; and
Enhanced Enforcement and Remedies
Sounds good? Then join us!
We are currently meeting online on the 1st and 3rd Tuesday of every month. Please sign up to receive an invitation.
2030: Public Banking
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2032:
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