In conversations about California’s housing affordability and homelessness crises, the question “how did it get so bad?” is ever-present.
Much of the blame rests on the shoulders of Big Real Estate and corporate landlords like Mike Schall, CEO of Essex Property Trust, a real estate investment trust (REIT) based in San Mateo, California.
There is a broad consensus among economists and housing justice activists that skyrocketing rent increases, coupled with stagnant wages, are significant contributors to the housing affordability crisis.
- According to the Los Angeles Homeless Services Authority (LAHSA), crushing rent increases has caused homlessness to increase by almost 13 percent (66,433 individuals between 2019 and 2020) in Los Angeles County alone.
- Yet, vultures like Mike and Essex Property Trust continue to prioritize profits over people by implementing astronomical rent increases that force people out of their homes and onto the streets.
- Like Sam Zell, Co-Founder and Chairman of Equity Residential, and Tom Bannon, CEO of the California Apartment Association (CAA), Mike and Essex Property Trust have spent millions of dollars to block efforts to end California’s crippling housing affordability crisis.
- In 2018, Mike and Essex Property Trust were among the top contributors to oppose Proposition 10, which sought to expand rent control in California.
- This year, Mike and Essex Property Trust is once again shelling out millions to target the Rental Affordability Act, a November ballot measure will allow for the expansion of rent control throughout California and limit rent increases.
- Mike, Essex Property Trust, and Big Real Estate will always put profits over people. It is up to us, the people, to stop them.
- Read all the dirty details on Mike Schall here.
Join our fight against greedy corporate landlords, like Mike, and learn how you can help enact responsible rent control in California.
PAID FOR BY HOMEOWNERS AND TENANTS UNITED, SPONSORED BY AIDS HEALTHCARE FOUNDATION. COMMITTEE MAJOR FUNDING BY AIDS HEALTHCARE FOUNDATION.