Foreign LLC continues to acquire land in California critical to energy and national defense.
FAIRFIELD, Calif. (KGO) – The United States Air Force is investigating a company that’s purchased $800 million of land near Travis Air Force Base, one of the most critical military bases in the U.S. But after eight months of investigation, government officials have been unable to identify who’s behind it nor rule out any threat to national security.
Flannery LLC was founded 4 and 1/2 years ago and was registered to a Washington DC-based law firm.
There is no information about the actual ownership of this LLC. The previous Reddit thread from 4 years ago has some interesting tidbits of information that you may be interested in reading in addition to the new article.
https://www.reddit.com/r/Sacramento/comments/c96bkb/a_mysterious_corporation_has_quietly_bought/
What’s additionally interesting is that the land that they acquired around Travis Air Force Base will be bayfront property with future sea level increases of between 3 to 5 ft. NOAA has predicted the sea level increase will blow by that with a 7.2 ft average global sea level rise by 2100.
So either we have a secretive Chinese back shell company acquiring critical infrastructure and land for spying on American military assets, or a very optimistic wealthy investor with way too much money and is getting creative in what kind of investment schemes they park their money in.
Quick somebody find a way to link this to China so we can get the GOP to start yelling about limiting foreign investment in US real estate. With a little luck we might can wrangle this into something that will lower the cost of housing.
Have we tried building more housing? I know radical idea.
Yeah, it keeps getting bought up and turned into airbnbs.
This is the real issue right here. It’s more than just Airbnb’s, though, it’s all ‘investment real estate’.
The solution would be to exponentially increase taxes for those who own multiple properties, but property tax is typically handled on the county level, so this would be tricky. Also, the people who could implement such a tax all own multiple properties, so there’s a conflict of interest there.