With the current pending legislation on the docket to declare all property in Oregon no longer private at the whim of the Governor's emergency declaration, should I hold my properties or sell and move to another state that isn't outright announcing they plan to take everything and redistribute whenever they see fit, with no compensation?
I have a very high cash flowing property with ~65% equity and an excellent long term tenant who wants to stay for at least 5 more years, another on large acreage that breaks even with close to 50% equity (the investment value of that one is in the land/Timber, not the rental, good tenants though with stable incomes) and lastly the one I live in with ~40% equity that I am using as a house hack for BRRR.
Things I'm also considering instead of liquidating- are there legal/structural things that could be done as protective measures? How do you protect your assets in this hostile environment coming like a freight train?
I'm trying not to freak out about it, but it's getting harder every day as this pending Socialist takeover is looming. Not sure if anyone else is equally freaked out, or even aware of it.
Could you give some links to information about what you're referring to? (News articles, not opinion or discussions.)
I assume you are talking about House Bill 2238, in which I understand where you are coming from, but I doubt handing over your property to the government is ever going to come to fruition. In my opinion, It allows the governor (for example) to order someone hoarding medical supplies to turn them over, something the federal government can do anyway, and unless you have 2 million masks, it probably won't happen.
It gives the governor the ability to direct resources to needing communities without a state congress vote during the emergency, letting us move vaccines to counties that are having high infection rates.
And, it limits the powers given to "within the scope of emergency management" meaning the powers can ONLY apply to the emergency that has been declared.
Just my 2 cents on that proposed bill. This type of stuff comes before the house a lot of the time and rarely even makes it to the floor to vote.
Thanks Tanner for posting, yes that's the HB I read- I don't trust this OR govt to not push this through now that there is an extremely friendly Federal situation to support her, she has shown for the last year that she will take every advantage she can to take over more power and become less business friendly and more redistribution friendly.
If this doesn't pass then things are OK for the time being. But this is alarming language:
--Take any other action, including through the seizure, use or possession of any real or
personal property, that may be necessary for the management of resources following an emergency. --
It's basically written as a complete free reign to do as she sees fit, for anything at all that she wants to do. As an emergency is easy to declare for any reason she determines.
This seems a bit hyperbolic. The governor is not going to seize a small timber tract or personal residence as a necessary resource to manage in an emergency. Keep a cool head, feel free to relocate - there are plenty of reasons - but I don't think that land seizure is one of them.
So to close the loop a friend of mine called the representative about it yesterday and they told her that for now it will not move forward, so it's a huge sigh of relief. She asked for it in writing so we'll see if she ever gets it. That at least buys me time to make some moves without having to panic sell.
I think at a state level, all states are going in the same direction with OR leading. All depends on how many OR/Cali refugees end up in those states.
I wouldn't own in Portland, though, since they're way more activist, but I think it's slowing.
@Steve Morris I agree, it is a slow infection that eventually spreads to everywhere the infected people move to. I'm just hoping to outrun the infection as long as I can and then in the meantime try to find another country- if one even exists, which is not yet infected or is at least actively fighting the infection.
I don't know that the activism is slowing, I think it's regrouping for a more aggressive push, but that's just speculation.