An independent, nonpartisan publication, built by an operator
California housing policy. Analyzed, underwritten, understood.
What every new rule means for the people who own, run, and shape housing.
What we do
Clarity on what every rule means for the numbers.
Policy, decoded
Legislation translated into what it does to the numbers: rent caps, just cause rules, zoning, and fees.
Underwritten, not assumed
State law sets the baseline, but the local ordinance usually decides the deal. We work from the rule that actually applies.
Foresight
Bills that fail still show where California is headed. Knowing first is the advantage.
Latest from the newsletter
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April 2, 2026AB 1157 Is Dead — But It Told You Where California Is Headed
Who's behind it
Written by an operator who has walked the units.
Erica Walters founded Ownership Theory after years in property and asset management in Texas and California, working across more than 7,000 units and taking the 2am calls, followed by a career in commercial real estate.
That experience is the filter for everything here. If a rule changes what it costs to own and run a building, it belongs in the analysis.
Today, Erica is a REALTOR® with Compass (CalDRE #02239622) based in San Mateo. Her residential work lives at ericawalters.co.
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