ProJo: Should RI tax sales be for 'locals only?' Bill seeks to reduce out-of-state competition
Patrick Anderson | The Providence Journal
May 7, 2022
The Rhode Island investors who scoop up real estate when its owners fall behind on their taxes don't like competing for the properties with hedge funds and other deep-pocketed out-of-state businesses.
So they've asked state lawmakers to ban remote participation at municipal tax sales, arguing that the distant financial firms bidding at these auctions are preventing derelict or underutilized urban properties from being spruced up or turned into new housing.
Courtesy of Providence Journal