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This is important. It's time to get shell companies, speculators and corporations out of the business of buying and holding and driving up the prices for real estate meant for regular people.

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Alfred Twu

@alfred_twu

Mar 30, 2022

Currently many homes are owned by big investors, but official documents will list a mysterious LLC. #AB889 would require the actual owner to be disclosed. cayimby.org/ab-889/

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Jerque Cousteau (parody)

@neo_antiquarian

Mar 31, 2022

Replying to

@11thJeff

How does this bill do any of that?

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and

"A qualified entity shall report..the identity of the beneficial owner of the qualified entity to the Secretary of State...a "beneficial owner" means a natural person..."Qualified entity” means a corporation or limited liability company that owns real property..for rent or lease"

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and

Full text here. Oddly repurposed room a completely different Bill about grocery stores. That's sausage for you 😄 So the way I see it, this bill does exactly what it says. No more anonymous real estate empires through shell companies. leginfo.legislature.ca.gov/faces/billText

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and

And to answer

, this only applies to real estate for rent or for lease, so if you're not renting the house on the market, it's doesn't apply to you. Now, I guess that means you could buy and hold *forever*, but that's not really what it's about for most speculators 💙

7:51 PM · Mar 31, 2022

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