DPCCC membership approved the following resolution at the April 15, 2021 regular meeting.

WHEREAS, Corporate landlords have profited immensely before and during the COVID-19 pandemic, including nearly $50 billion from the 2017 Tax Cuts and Jobs Act, federal tax code benefits worth nearly $250 billion through 2027, LLC and REIT status benefits to reduce taxation, and millions of dollars from the federal Paycheck Protection Program; and

WHEREAS, Of the state’s 10 million residential properties, over half a million are owned by corporations, and the most conservative estimate puts nearly 200,000 properties in corporate ownership of LLCs that own more than 10 residential properties, all while corporate landlords are amassing funds to buy distressed assets resulting from the COVID-19 pandemic; and

WHEREAS, Large corporations own too many single-family homes and rental buildings that rob homebuyers and small investors of the opportunities to build wealth, including 35% of all rental housing in the country being owned by large corporations while homeownership is at its lowest level since the 1960s; now, therefore, be it

THEREFORE BE IT RESOLVED, That the Democratic Party of Contra Costa County supports Assembly Bill No. 1199, which would increase transparency by requiring all corporate landlords to report on the identities of the true owners of properties held through LLCs and LPs; and would tax corporate landlords that own and rent out 10 or more properties in California, with the tax increasing as owner holdings and verified code violations increase; and, be it

BE IT FURTHER RESOLVED, That the Democratic Party of Contra Costa County urges that the California Democratic State Central Committee consider endorsement of this bill.

Submitted by Rebecca Auerbach, Associate Member, District 4