This week, my proposal to protect San Diegans from being priced out of homeownership by foreign investors and corporate speculators was rejected by my colleagues on the Board of Supervisors.
I brought this forward for a simple reason: San Diegans should not have to compete with Wall Street firms and foreign buyers for the chance to own a home.
My plan would have directed the County to advocate for state legislation restricting foreign investment in entry-level and single-family homes — especially near military installations and critical infrastructure. It also would have explored local solutions to give working families a fair shot at buying a home in the communities they serve.
The Numbers Don’t Lie
The median home price in San Diego County is now $937,000.
Only 8% of young adults under 35 own a home here.
More than 70% of families are priced out of the market entirely.
Meanwhile, foreign buyers and large corporations are purchasing homes with all-cash offers — driving up prices and shutting out everyday San Diegans. Teachers, nurses, first responders, and young families shouldn’t be forced to compete against billion-dollar investment firms.
Other States Are Leading the Way
Across the country, states have already taken action to restrict foreign ownership of residential property, especially near sensitive areas. San Diego should be leading this conversation, not sitting on the sidelines.
This was a missed opportunity to stand up for the next generation of homeowners. But I want to be clear: I’m not giving up. I’ll keep fighting to make sure the American Dream belongs to the people who live, work, and raise their families here — not foreign speculators or Wall Street investors.
San Diego deserves better. And I’m determined to make it happen.