Newark councilman resigns saying he can't afford to live in town

Disgraceful that we've allowed corporations to buy homes quicker than people, hope this serves as a wake up call

Lets be honest, I don't care Nor Cal or So Cal, unless it's extremely exclusive & ritzy areas, which we all know, none of these houses are worth close to 1 MIL dollars in reality. You even have houses in the hoods of Sacramento, San Bernardino, Sunnydale etc going for a million dollars, something is deeply wrong. Too bad it won't change & will only get worse.

Housing isn't the only problem; home insurance, auto insurance,pge, water, etc are very expensive. Only people that make good salaries can afford to live here.... everybody is just hanging in there by a thread.

I'm glad they are speaking on it now, everybody's going to be homeless soon

It is inevitable that the real estate market will be significantly impacted if the government does not impose any restrictions on the purchase of residential properties by foreign nationals.

Remember "Corporations are considered People" in the eyes of the Law.

Big corporations is who 😊

A tiny one story on a busy street for $7,500 a month for the next 30 Years? Get real, dude.

$60K down? That's like $.05 in the Bay Area. The fact that this guy is just waking up to this now in 2024 means he wasn't paying attention for the last 15 years.

Those East Indians are pricing everyone out of those areas. They walk in with $1 million cash on a home.

brah I feel your pain i live in santa clara all i can do is rent

We’re not boycotting that’s the problem

Unfortunately, his perspective is valid. If living in Newark is unaffordable for you and you desire to own a house, it may be necessary to consider relocating to a more affordable area.

upper class and upper middle class is way too far ahead of the rest =(

@2:32 I'm sure he didn't intend to, but he hit the nail on the head of how illegal immigration destroys affordable housing. I live in downtown LA and there are actually thousands of small cheap studio apartments that rent for $600 or $700. But the managers only rent to illegals (who never complain) and the illegals move in a family of 5 into a 400 square foot unit. Most of LA's Westlake and Pico-Union neighborhoods are like this, with one family operating 2 or 3 illegal vending stands

Another problem people don't talk about is the union/labor organizations that former Councilmember Bucci worked for uses the court system trying to force developers into using his unions for their projects. These unions use the court system to try to force developers into using them which costs 35% more than the open market. These unions can't compete in an open market fairly. How do you expect developers to build affordable homes when unions uses the court system to strongarm them into using them and delaying the project for months?

Hi Great Depression II 👋

LEAVE THE STATE OR LEAVE THE BAY

solidarity

There needs to be more reporting from news outlets on the real cause of investors buying up homes for more money than asking price, resulting in working people being priced out of the housing market and having no where to live within driving distance of where they work. The real cause is the increasing worthlessness of the U.S. dollar as a result of the endless money printing by the Federal Reserve (a.k.a. quantitative easing). The hyperinflation we are all dealing with is why anyone with money feels that they cannot hold onto cash, but rather, has to invest their money in an asset than will appreciate at the rate of inflation. The corrupt monetary policy of printing money to "bribe" voters with "stimulus" or in order to "monetize" the $34 trillion national debt is the cause of investors buying up homes for holding the value of their money. The only solutions are to stop printing money and return to the gold standard, or regulate the housing market (as every other country in the world does) so only people who will actually live in the house are allowed to purchase it, rather than phantom owners who are worried their cash money won't even buy bubble gum in the near future.