Source: KCRW — 

Any Californian who is searching for a new home or is a fan of scrolling through Zillow is well aware that California’s real estate market is red hot. With an explosion of demand mixed with limited inventory, home prices have skyrocketed in recent years. 

California Assemblymember Chris Ward (D-San Diego) believes short-term investors, better known as house flippers, are to blame because they play an outsized role in keeping the market sizzling.

He has introduced the California Housing Speculation Act in the state legislature as a way to address the problem by adding a tax to quick-turn house flipping. Ward tells KCRW he believes the bill can help average home buyers in California. 

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