Upcoming changes to restrict who can purchase property in the region?

[Trent Dues]

Has anyone been following along with the proposed legislative changes for the Pittsburgh region that looks to limit hedge funds and large out of state corporations from buying up SFH properties? I know it's been a hot topic forever, but is there any real traction happening currently that could actually make it to the top for approval?

It's a very interesting concept, and if executed correctly, could really benefit families and working class buyers that have been, for the most part, priced out of the market for various reasons. But, this could leave a ton of ambiguity on how a transaction is completed moving forward; are there consequences to the seller, agent, title company/law firm, broker etc that knowingly sell and handle the property transfer to a "hedge fund"? Will every LLC purchaser have to prove their source of funds for cash offers to make sure it isn't backed by a corporation on the 'banned' buyers list? I am very curious to follow along and see if/how/when any changes are actually approved at the county and state level. What are other people's thoughts on Representative Chris Deluzio's and local municipalities plans?

https://www.cbsnews.com/pittsburgh/news/lawmakers-hedge-fund...