Like Phoenix, Oakland, California is also reportedly experiencing a significant amount of investor activity that may be crowding out purchases by prospective homebuyers and nonprofits. We hear complaints that many of these investors are not based in Oakland, causing residents to express concern about external ownership of their neighborhoods and the long-term implications of absentee landlords.
The second element is that we have to act within the boundaries of our mandate and respect the law at all times. Any supervisory action must remain bank-specific and be taken within the limits of relevant European legislation, which is defined by the co-legislators, i.e. the European Parliament and the Council, with further specifications from the European Banking Authority.