Yes, there ought to be. Maybe several, and the first one should go like this:
" 1. NO property in the affected areas will be sold without being approved by an independent panel, consisting of 5 members appointed by the Governor of California.
2. No individual or group can purchase more than 1 property without the approval of said panel.
3. Any purchaser of more than 10 properties must wait for 2 years after remediation is complete before any construction can take place.
4. A purchaser of 5 or more properties is responsible for all remediation on the properties. The degree of remediation will be determined by the county environmental agency and must meet or exceed federal EPA requirements."
Such laws will not necessarily prevent developers, REITs or foreign investors from profiteering on this tragedy (commissioners and lawmakers can be bought), but it might hold property values down enough so that the residents might be able to rebuild, should they choose to. It would enable small firms to acquire a few properties to build on while reducing the bidding wars of large scale developers that tend to price out average buyers.
Yes, there ought to be. Maybe several, and the first one should go like this:
" 1. NO property in the affected areas will be sold without being approved by an independent panel, consisting of 5 members appointed by the Governor of California.
2. No individual or group can purchase more than 1 property without the approval of said panel.
3. Any purchaser of more than 10 properties must wait for 2 years after remediation is complete before any construction can take place.
4. A purchaser of 5 or more properties is responsible for all remediation on the properties. The degree of remediation will be determined by the county environmental agency and must meet or exceed federal EPA requirements."
Such laws will not necessarily prevent developers, REITs or foreign investors from profiteering on this tragedy (commissioners and lawmakers can be bought), but it might hold property values down enough so that the residents might be able to rebuild, should they choose to. It would enable small firms to acquire a few properties to build on while reducing the bidding wars of large scale developers that tend to price out average buyers.