California Bill Aims To Close Land Loophole

"A bill awaiting Gov. Gray Davis' approval would help close [a] loophole, which proponents say is being used increasingly by speculators to reap windfall profits from taxpayers and non-profit groups. The tactic already has produced multimillion-dollar price jumps in several pristine parcels in the Bay Area and around the state. Now it is being eyed by the Hearst family, which owns 83,000 acres of prime land surrounding the San Simeon estate and state park that conservationists want to buy. The estimated cost of preserving those acres as open space ranges as high as $300 million if the loophole remains in place."