News
Wall Street-backed landlords a target for both Trump and Democrats
An aerial view of a housing development in Las Vegas on Aug. 8, 2025.
Justin Sullivan/Getty Images
hide caption
toggle caption
Justin Sullivan/Getty Images
Back in 2020, Ashley Maxwell and her husband were looking to buy their first home, near Indianapolis.
“We looked at over 80 homes in probably a span of two months,” she said.
The couple was in a tight spot. They had three kids and were forced to move because their landlord was selling their rental. That pressure made their search all the more frustrating.
“We would pull up to a house, our agent would get out and be like, ‘There’s 10 additional offers, sight unseen, all cash.’ Typically that means it’s an investor,” Maxwell recalled.

The couple, who eventually found a place, was one of many whose path to homeownership was stymied by a nationwide surge of institutional investors, then driven by record-low mortgage rates, snapping up single-family homes to rent out.
It’s an issue that President Trump now aims to take on. In a recent social media post, he said he wants to “ban large institutional investors from buying more single-family homes,” to help bring down housing costs.
It’s a popular idea, especially among some Democrats. But passing such laws has proved difficult, and economists say the link of investor-owned homes to high prices is not so simple.
A cap on investor rentals just took effect in this city
In Fishers, Ind., a suburb of Indianapolis, Republican Mayor Scott Fadness was taken aback when he saw new data in a housing report compiled by his team that showed the extent of investor landlords in his city.
“We have neighborhoods today that are now creeping up to 35, 38% of the homes have been purchased for investment purposes,” he said.
It got so bad, he recalled, that one of his employees who was house hunting sent letters to homeowners, explaining that they were going to work for the city “and would they please consider allowing them to buy the home” instead of an institutional investor.
To address the problem, Fadness last year proposed capping rentals at 10% per neighborhood to protect local homeownership.
“It’s been a source of generational wealth in our country for a very long time, particularly in the middle class,” he said. “I hate to see that go away.”

It’s also more difficult, he said, to deal with code enforcement and other issues when the property owner is an out-of-state corporation.
Realtor groups opposed a cap, arguing it infringed on private property rights and could deprive sellers of the highest bid, but the City Council backed the plan unanimously. The new law just took effect Jan. 1.
“It was the first time I had proposed an ordinance in our community where outside interests, business interests, came into town and spent money trying to kill the legislation,” Fadness said.
It was a rare win for such a proposal. Cities and states across the U.S. have debated restricting investor homebuyers, yet most measures have failed to pass. One proposal went nowhere in Congress, which Trump has said would need to codify any ban. California Gov. Gavin Newsom joined Trump this month in saying he’s determined to do something.
Economists say large investors are not the biggest factor driving home prices
But housing experts say it’s too easy to blame corporate landlords entirely for skyrocketing prices.
“People see the connection, but they don’t necessarily separate out the cause and effect,” said Laurie Goodman, an economist with the Housing Finance Policy Center at the Urban Institute.

Prices do go up where investors buy, but she said, “That is part of their strategy,” because the places they choose are already growing. And often, they buy serious fixer-uppers.
“Most of us don’t have the knowledge to do the repairs,” Goodman said. “[Even] if we did, we couldn’t get the financing.”
Nationally, the largest companies own about 3% of the single-family rental market, with larger shares in some places like the Sunbelt. And the institutional buying spree has cooled from its peak in 2022, as higher interest rates have made homes more expensive.
The main driver of rising prices is a housing shortage, Goodman said, and some investors are actually helping to ease that now, by building their own single-family houses to rent.
“The best way to make housing affordable is to simply build more of it — to increase supply,” she said.
The debate continues in Las Vegas
In Las Vegas, Democratic state Sen. Dina Neal still worries that the build-to-rent trend is undercutting people’s shot at homeownership. She pointed to one corporate investor near her district that built an entire neighborhood of houses to rent.
“They didn’t build the whole entire neighborhood to give it up,” she said. “They wanted to make sure they would secure rental income from 200 different families and keep it.”
What’s more, like Fadness in Indiana, Neal worries that investor rentals are priced so high it can become impossible for many people to save up for a down payment. She said her previous next-door neighbor sold to an investor believing she could trade up, but had to rent a place down the street — from a different corporate investor.
Neal has proposed a cap on corporate landlords three times, but Nevada’s Republican governor, Joe Lombardo, has blocked it, most recently last month.
Neal is surprised — and cautious — now that Trump is taking up her cause. “I am trying to figure out how I entered into a universe where I became aligned with a president who is a nemesis to the Democratic Party,” she laughed.
But if Trump’s interest can persuade more Republicans to join the push, she said she’ll take it.
News
Map: 5.1-Magnitude Earthquake Strikes off the Coast of California
Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown. The New York Times
A moderately strong, 5.1-magnitude earthquake struck in the North Pacific Ocean on Wednesday, according to the United States Geological Survey.
The temblor happened at 5:45 a.m. Pacific time about 40 miles west of Petrolia, Calif., data from the agency shows.
As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.
Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.
Aftershocks detected
Quakes and aftershocks within 100 miles
Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.
The New York Times
When quakes and aftershocks occurred
Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Wednesday, June 3 at 6:03 a.m. Pacific time. Aftershocks data is as of Wednesday, June 3 at 8:01 a.m. Pacific time.
News
California’s primary for governor is undecided as candidates vie to be in the top two
Xavier Becerra, Democratic gubernatorial candidate for California, and Steve Hilton, Republican gubernatorial candidate for California, shake hands while arriving for a gubernatorial debate at KRON Studios in San Francisco in April.
Jason Henry/Getty Images North America
hide caption
toggle caption
Jason Henry/Getty Images North America
SAN FRANCISCO — The primary election for California governor is too close to call, with vote counting continuing Wednesday. Democrat Xavier Becerra and Republican business executive Steve Hilton lead the field with Democrat Tom Steyer in third place.
In California’s unusual primary system, all candidates, regardless of party, appear on a single ballot open to any registered voter. The top two candidates then move on to the general election, even if they’re from the same party. This year, voters had 60 names for governor to choose from.
The winner will lead the country’s most populous state, where leaders often take on national political prominence. Incumbent Gov. Gavin Newsom is at his two-term limit and could be a Democratic contender for president.
Becerra, former Health and Human Services secretary under President Joe Biden, pitched himself to voters as an experienced political leader who isn’t afraid of President Trump, but his lead caps one of the most surprising and dramatic comebacks in recent state political history. As recently as April, polls were showing Becerra — also a former member of Congress and California attorney general — languishing in single digits in a crowded field.
In his remarks at his watch party in Los Angeles, Becerra noted his underdog status.
“Here in Hollywood’s hometown, we love a good underdog success story,” he said, drawing parallels between his campaign and his immigrant parents’ success story in California. “Guess what? The underdog stayed in the fight. Like my parents, I never gave up. Never stopped putting one foot in front of the other. Never stopped believing in the beacon-like goodness of California. And thankfully, neither did you.”
Hilton is a former Fox News commentator who also served as a political adviser to former British Prime Minister David Cameron. He was endorsed by President Trump in April, helping him to pull ahead of Riverside County Sheriff Chad Bianco, the other major Republican in the race. Hilton has campaigned on the idea that California needs change after 16 years under total Democratic control.
The race is narrowing down after a tumultuous campaign
At his watch party in Huntington Beach, the British-born candidate — who became an American citizen five years ago — said it was the “honor of his lifetime” to receive over 1 million votes so far.
“Change is coming to California and it’s long overdue,” Hilton said. “We’re not there yet, but it’s looking good. It looks very much as if Californians really will have the chance to vote for change in November and take our state in a new direction.”
Democratic billionaire activist Steyer spent more than $213 million of his own money to boost his candidacy and push a progressive, populist message. While he was trailing Becerra and Hilton on Tuesday night, he said at his watch party in San Francisco that he remains confident he can close the gap in the days ahead.
“Together, we’ve scared the hell out of the corporate interests used to getting their way,” Steyer said. “It might take some time to figure out where this is going. We’re going to wait until every ballot is counted. We’re gonna give democracy a time to work. And we know we finished really strong.”
The early results are not certain to hold, in part because of unusual voting patterns in this primary election: Ballot-tracking data heading into Tuesday evening showed that Republicans were more likely to vote early by mail, while Democratic voters in this deep-blue state held onto their mail-in ballots or chose to vote in person. That’s the reverse of recent elections, which saw more Democrats voting by mail and Republicans tending to vote in person on Election Day.
The uncertainty on election night capped a race that remained crowded and unsettled to the end. To some extent, the race was defined by who wasn’t running.
Some of the state’s most high-profile Democrats — former Vice President Kamala Harris, U.S. Sen. Alex Padilla and California Attorney General Rob Bonta — all passed on a potential bid to succeed Newsom.
The race was disrupted in April when then-U.S. Rep. Eric Swalwell’s campaign for governor imploded amid allegations of sexual assault and harassment. Swalwell resigned from Congress shortly after the accusations surfaced and has denied assault allegations.
Swalwell had been gaining in polls and racking up high-profile endorsements, and his exit seemed to primarily benefit Becerra, who had been stuck in single digits in many polls. Ultimately, it quieted fears among Democrats who worried that the messy Democratic field could result in Bianco and Hilton winning the top spots in the June primary.
Marisa Lagos covers California politics at KQED and co-hosts the Political Breakdown show and podcast.
News
Supreme Court reinstates Republican-favored Alabama congressional districts
The U.S. Supreme Court
Tasos Katopodis/Getty Images
hide caption
toggle caption
Tasos Katopodis/Getty Images
The Supreme Court on Tuesday cleared the way for Alabama to use a congressional district map favored by Republicans.
The court, in an unsigned order, overturned a three-judge district court panel that found that the map is “tainted by intentional race-based discrimination.” The court’s three liberals publicly dissented.
The ruling means that Alabama’s 2026 midterm elections will feature six Republican-leaning districts and one Democratic-leaning one, as opposed to a map with only five safe Republican seats. Democrat Shomari Figures, who represents Alabama’s Second District, will likely lose his seat as a result of the high court’s ruling.
The story of Alabama’s congressional map is long and tortured. It began in 2021, when the state implemented a new map to account for population changes in the census. The map featured only one majority-black district out of seven, even though the state is more than one-quarter Black.
Voters immediately sued, claiming the map illegally diluted minority votes in violation of the Voting Rights Act and the Constitution. Lower court judges agreed, ruling that the state must draw a map with two districts where Black voters have a realistic chance of electing their candidate of choice. The Supreme Court more than once has ordered Alabama to draw a compliant map.
But the state has refused and instead continued to litigate the case. On Tuesday, that tactic paid off.
What changed? In April, the Supreme Court’s conservative supermajority all but gutted what remains of the Voting Rights Act, ruling that states cannot purposefully draw districts that are majority-minority.
Alabama then asked the high court to reinstate the state’s old map, under the theory that this new ruling meant that it was permissible to use a map with only one majority-Black district. In an unsigned, unexplained order in May, the high court essentially reversed its previous opinions, and allowed Alabama to use the old map for the upcoming midterm elections.
This set off a flurry of activity in Alabama. By the time the Supreme Court issued its May order, absentee balloting had already begun, using the court-drawn map. So Republican Governor Kay Ivey cancelled elections and scheduled a special primary for August for the affected congressional races.
The case, however, was not over.
In its ruling, the Supreme Court had ordered a lower court panel to continue evaluating Alabama’s map in light of its recent Voting Rights Act decision. And just 15 days after that order, the panel, composed of three Republican judges—two of them Trump appointees—concluded unanimously that even under the Supreme Court’s new standards, the plan for a single black district was “intentionally discriminatory.”
So, once again, Alabama returned to the Supreme Court, arguing that the map was partisan, not racially discriminatory. In short, that the Republican legislature simply drew the map to elect more Republicans. And that under the Supreme Court’s new interpretation of the Voting Rights Act, the GOP map should be allowed to stand.
The court’s conservative agreed, writing that the lower court “did not heed the presumption of legislative good faith.”
The court’s three liberals publicly dissented, castigating the conservative majority for failing to abide by its 2006 decision in the case of Purcell v. Gonzalez. That decision declared that courts should not change election rules too close to an election.
Justice Sonia Sotomayor, in her dissent, said the court “debases the democratic process” and “corrodes the rule of law by rewarding Alabama’s gamesmanship and outright defiance of court orders.”
Tuesday’s decision is the latest in a series of Supreme Court rulings that could well reshape the 2026 midterm elections, making it much harder for Democrats to prevail.
-
Nevada5 minutes agoCountry artist Caleb Montgomery performing at State Fair of Nevada
-
New Hampshire7 minutes ago12 beautiful hikes this season in Mass. and NH
-
New Jersey13 minutes agoDramatic video shows ferocious flames shooting from row house in Camden, NJ
-
New Mexico20 minutes agoCumbres & Toltec to begin summer season June 9
-
North Carolina22 minutes ago‘Bonsai in the Blue Ridge’ exhibit brings dozens of displays to North Carolina Arboretum
-
North Dakota28 minutes ago
And he’s off
-
Ohio35 minutes agoThe purge? Ohio moves to downgrade non-domiciled CDLs
-
Oklahoma37 minutes agoWhat Oklahoma Does Better Than Texas and Why It Matters