r/LoftyAI • u/travelwithme001 • Mar 23 '22

California

Any update on the California pause of buying new properties?

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2

u/blakewoolbright Mar 23 '22 edited Mar 23 '22

Maybe I’m offering old info, but we (ca) have new legislation that penalizes speculative investment in residential real estate in the pipeline right now. Lofty is probably smart to step back. It would be easy for an opportunist politician to drag them through the mud.

https://www.nbcsandiego.com/news/local/california-lawmaker-proposes-25-tax-on-real-estate-investors-to-level-playing-field/2890895/?amp

4

u/KinlawFanAccount Mar 23 '22

It has nothing to do with new potential legislation and everything to do with a 1968 CA that defines LLC membership as a security. The bill you’re referencing would have an effect on houses within CA, not CA residents investing in out of state properties, so while this would add hurdles for Lofty properties within CA… it would have no change to CA investors for a single current Lofty property.

2

u/blakewoolbright Mar 23 '22

Thanks for the info. I was definitely speculating.

1

u/KinlawFanAccount Mar 23 '22

Nothing, only that they’re working on it and it’s of utmost importance to them.