Recent articles and blogs have totally mischaracterized my investment in Colony American Homes and the role the single-family-rental industry has on housing today ("Homewrecker," July 8).
To be clear, I am a small limited partner in one CAH fund and, as such, I am a passive investor with no control over any of CAH's business decisions.
That said, the comments made about Colony American Homes and other investors in single-family homes for rent are totally false and inflammatory. The investments are removing distressed inventory from the market, which has been depressing home prices. Many of these homes being purchased were foreclosed years ago and had become a blight on neighborhoods. Instead, the investors rebuild communities and provide jobs. And they allow families who cannot buy, or prefer not to, to stay in the communities they want. The average renter stays for five years.
Finally, the homes being purchased by CAH and other investors are typically all-cash investments, so they are not crowding out other buyers; most homes purchased are not even on the open market.
Readers would be better served if the authors had bothered to check the facts about my investment and the positive role institutional investors are having on the housing market.
California is a community property state. Feinstein owns exactly 50 percent of every dollar of Richard Blum's many assets, including his lucrative deals with Saudi Arabian state terrorists. What a racket!
HELP FOR THE HOMELESS
The homeless population ("Taking It to the Streets," July 8) has increased because of the obvious reasons, but I can't help but question if there aren't people coming from other areas. The increase in encampments, drugs and unsupervised dogs is out of control.
According to census figures, from 2000 to 2010 rents increased 28 percent in Sonoma County while family incomes only increased 7 percent. (See www.bayareacensus.ca.gov/counties/SonomaCounty.htm). The gap has only widened in the past five years.
Mini houses are all well and good, but if Sonoma County truly wants to stop the increase of homelessness (not to mention crime), it has to muster up the political will to institute reasonable rent control measures. At the federal level, Congress needs to reevaluate Section 8 housing vouchers, funding a growing need. There is currently a six-year waiting list for assistance in Sonoma County.
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