Los Angeles City Council Votes to Look into Banning iBuyingPosted by Ben Nicolas on
The affordable housing crisis in Los Angeles continues to worsen with each passing year and city officials have been struggling to come up with any meaningful solution. This month, however, the LA City Council has voted to pursue a new plan to help bring some relief to homebuyers. On November 12th, the city council agreed to a motion proposing that they look into ways they can stop tech and equity companies from buying and flipping properties––a practice known as “iBuying.” Nury Martinez and Nithya Raman co-authored the motion, arguing that iBuying is driving up prices, making homeownership impossible for many Los Angelinos.
This practice began in 2013, with the tech company Opendoor, and since then, others have followed suit, including Redfin,…
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