DID YOU KNOW? The California Association of Realtors is fighting new legislation that would redefine "source of income" to include Section 8, EVERY residential rental property owner will be effectively forced to enter into a contract with the local housing authority upon receiving an application from a tenant who uses Section 8 housing vouchers to pay a portion of their rent. Because housing authorities already lack the resources to process applications and inspect properties quickly, units may sit unoccupied for many weeks until all the administrative requirements are met. Under current law, participation by a rental property owner in HUD's Housing Choice Voucher program is VOLUNTARY.
Update: SB 329 has just been referred to the Assembly Appropriations Committee and will be voted on there before it heads to the Assembly Floor. This delays the Assembly Floor vote until after the legislative recess that begins July 12. Urge Your Assembly Member to Oppose this Bill that Forces Landlords to Participate in Section 8! If you live and work in California, call your Assembly Member TODAY! In Urge a NO Vote on SB 329! Call 1-800-798-6593
DID YOU KNOW? The Dow experienced its best June gain of 7.2% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month. (Marketwatch)
DID YOU KNOW? Last week, the AnnA Villa in Paris - valued at 6.5 million Euros - made history by becoming the first ever European property to be sold entirely via blockchain transaction to French real estate companies, Sapeb Immobilier and Valorcim. The process involved first transferring ownership of the building to a joint-stock company (SAPEB AnnA), then dividing the company into 100 tokens to be distributed to the owners respectively. Each token can be further broken down into 100,000 units, meaning individual shares of the building can be bought and sold for as little as €6.50. The deal managed by French blockchain investment platform, Equisafe – was powered on the Ethereum token, and was the latest of several worldwide efforts to bring real estate sales onto blockchain technology. In 2018, a $30 million NYC property was also tokenized on Ethereum, and in January, 2019 a luxury resort in Aspen, CO raised $18 million through a security token offering. (Forbes)