The TV commercials and online ads are fast becoming ubiquitous: “We’ll buy your house as is,” they trumpet. “No need to spend any money fixing it up.” That’s commonly the message from housing speculators, often institutional investors including real estate investment trusts less interested in preserving or maintaining housing than cashing in as land values rise. It’s the land, not the houses, that interests them most. Says a Northern California citizens group called United Neighbors, “Non-wage capital, especially institutional and private equity, is entering the single-family market in unprecedented amounts.” That’s a big reason why, the group contends, “California housing costs have inflate
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