A California bill awaiting approval is aimed at closing a state law loophole that, according to the bill supporters, that enables speculators to earn profits at the expense of taxpayers and not-for-profit groups.
"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."
Thanks to Abhijeet Chavan
FULL STORY: Bill targets land loophole
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