Gavin Newsom, the recently sworn in Governor of California, has filed a lawsuit against the city of Huntington Beach. Huntington Beach is in (the Republican bastion of) Orange County, CA. Governor Newsom's lawsuit claims Huntington Beach has not provided enough low income housing to attract, and support, low income residents who might want to live within the community of Huntington Beach. The brouhaha made me wonder, has Gavin Newsom ever chosen to live in a neighborhood with abundant low income housing?
While Mayor of San Francisco it was reported that Gavin Newsom lived in the Buena Vista section of Pacific Heights in San Francisco. Then, while he was Attorney General of California, I understand Governor Newsom lived in what some call a mansion in Marin, California. And, recent newspaper reports have mentioned the Newsom family moved from the City of Marin, to The California Governor's Mansion in metropolitan Sacramento for his Gubernatorial Inauguration. Then, within days after his inauguration, newspaper reports mention the Newsom family decided to move to a "ranch" they purchased in December 2018, which is in a community called Fair Oaks.
The Fair Oaks property looks very nice: https://www.sfgate.com/realestate/article/Gavin-Newsom-Sacramento-Fair-Oaks-home-13556456.php
Funny, I thought I recognized Gavin Newsom's wife's maiden name as being the same as an investment banker or wealthy software entrepreneur – it seems she’s related to both: https://en.wikipedia.org/wiki/Jennifer_Siebel_Newsom
Aside from his political activities, Governor Newsom apparently is a partner in a business called Plump Jack Enterprises. The partnership apparently engages in several different enterprises. The partnership owns a wine tasting bar in San Francisco, a winery in Napa, CA, and a lodge in Tahoe, CA, and etc. The partnership has also has purchased, renovated, rehabilitated and sold properties in Northern California. Newspapers have reported the other partners in Plump Jack Enterprises are Gordon Getty and Gordon Getty’s son Billy Getty.
Sources:
San Francisco Pals Falling Out Affects Newsom, Getty Families by Philip Matier and Andrew Ross – pub. sfgate.com – August 11, 2000, at: https://www.sfgate.com/bayarea/matier-ross/article/Society-Pals-Falling-Out-Affects-Newsom-Getty-3316206.php
Gavin Newsom's Former Buena Vista Manse Hits Market at $3.495M Before he was Lt. Governor, this is where Mayor Newsom resided by Mary Jo Bowling - pub. curbedsf.com – March 10, 2019, at: https://sf.curbed.com/2016/3/10/11196410/gavin-newsom-buena-vista-home
California Governor Gavin Newsom Selling His $5.9 Million Marin County Home by Claudine Zap – pub. realtor.com – Feb. 5, 2019, at: https://www.realtor.com/news/celebrity-real-estate/gavin-newsom-selling-marin-county-home/
How eight elite San Francisco families funded Gavin Newsom’s political ascent by Seema Mehta, Ryan Menezes, and Maloy Moore – pub. latimes.com – September 7, 2018, at: https://www.latimes.com/projects/la-pol-ca-gavin-newsom-san-francisco-money/
Gavin Newsom picked this home over the Governor's Mansion. This is what the new place looks like. By Diane DeGuzman – pub. sfgate.com – January 23, 2019, at: https://www.sfgate.com/realestate/article/Gavin-Newsom-Sacramento-Fair-Oaks-home-13556456.php
ELIZABETH WARREN WANTS TO BREAK WALL STREET'S STRANGLEHOLD ON THE RENTAL HOUSING MARKET The senator is targeting Recession-era private-equity practices. By Sophie Kasakov – March 20, 2019, at: https://psmag.com/economics/elizabeth-warren-wants-to-break-wall-streets-stranglehold-on-the-rental-housing-market
Comment:
Do you think Elizabeth Warren realizes she is setting-up an attack of two of the most liberal institutions the government has ever created, Fannie Mae and Freddie Mac?
As the author of this article points-out the institutional REO-to-Rent business model was a concept created by the Government Sponsored Enterprises (GSE’s) - Fannie Mae and Freddie Mac. As the home price bubble and mortgage bubble deflated, the business model was conceived by the GSE’s as a way to “economically and efficiently” dispose of their shadow inventory of foreclosed single family homes (SFH) and non-performing SFH mortgage loans.
Not only did the GSE’s develop the institutional REO-to-Rent concept, but they made the REO-to-Rent business model economically feasible by providing very economic pricing on the “bulk purchase” of their shadow inventory, and by providing very economic financing of the cost of the bulk purchases.
Early in the process of the creation of the institutional REO-to-Rent business model (by the GSE’s) I wrote a letter to my U.S. Congressman, Brad Sherman, I requested that he and others in Congress carefully evaluate the public policy and financial consequences of the institutional REO-to-Rent business model. (See my letter to Congressman Brad Sherman, at: http://billsplace.posthaven.com/bulk-sales-of-foreclosed-single-family-homes ).