Philly Passes Laws to Crack Down on Wholesalers
Wholesalers are a significant segment in real estate investing, especially in Philadelphia. The city has now passed into law new regulations to crack down on wholesalers. According to an article in the Philadelphia inquire, Philly is the first city in the nation to take measures against wholesalers. Given the nature of the wholesale transactions, it could be difficult to enforce these laws since wholesalers rarely acquire deeds to the properties they contract for resell making it somewhat of a shadow transaction.
But it think the attempt by lawmakers to regulate the wholesaling could be significant. Could Philadelphia prompted other cities/states to follow suite to put a squeeze on wholesaling or stop it all together? Curious to know what you all think.
Article: https://www.inquirer.com/news/...