IRVINE, Calif.—Irvine home investors may soon be limited from buying up the city’s housing stock, after the City Council motioned on March 8 to develop policies that prioritize owner-occupied housing. A common thread at council meetings is hearing about the “dire need” to create new units to meet growing housing needs, which has become a challenge due to investors purchasing rental properties, according to Irvine Mayor Farrah Khan. “If we want first-time homeowners or growing families to stay here in Irvine, we must take action to limit investor-owned properties within our developments,” Khan said during a March 8 council meeting. “We will continue to utilize every tool in our toolbox to move in the right direction and build wealth within our community.” In fact, Irvine has seen a 6–8 percent year-over-year increase in investors purchasing the city’s housing stock, Khan said. The median house price in Irvine was nearly $1.2 …
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