Hello and welcome. My name is Gino Barbara, one of the co-founders of Jake in Gino. And in this how-to

video, I really want to discuss Biden's proposal of rent control. Now, how is it going to affect

multifamily, right? I would first and foremost love to get your thoughts and what you believe

is going to happen if this law passes. What are your

thoughts on rent control? Can you please leave them down below in the comment section? If you want to

email me, Gino at jacanjino.com, your thought, because this is important. The only way that we

solve hard problems, or for that matter, any problem is by having dialogue. And once we have open and honest

dialogue and not hatred, but really open and honest dialogue and we can discuss things. Ultimately,

to me, it's mid-2024 right now. They passed the Corporate Transparency Act back in 2021.

33 million LLCs were affected. It was passed to deter, what was it,

fraud or money that was coming into the system, and they're really basically trying to deter

any kind of fraudulent activities within the banking system, right? Now, it only goes up to, I think, LSCs that are $5 million or less.

So it doesn't even affect the major players in the industry.

But what's more egregious than that is that we're in the middle of the year right now.

It's three years ago they passed a law.

They still don't have the law fleshed out.

They still don't have all the rules set in place.

You go on the website, you get your FinCEN number. It takes you days sometimes because the

website doesn't work. They don't have the rules written down. And it's the same thing with this

rent control that they're quote unquote Biden's trying to pass or he's put forth. Let's go

through the stipulations in it because

that's really important. First of all, it's for 50 units or more, right? So they're not dealing with mom and

...