Local Government Bans Residential Home Sales to high-tech corporations and private equity firms

What is happening? Los Angeles is trying to stop speculative purchases of residential property by private equity firms and high tech corporations

Why is this important? The City Council wants to address what they say is a catalyst to the already rapidly rising housing prices. The speculative purchases only further rises prices.

How will this be important? Couple this will recent reports of Zillow over buying and being unable to sell their speculative purchases.

Vice | LA Wants to Ban iBuyers, Private Equity Firms From Profiting off Housing