Thread by @5149jamesli

🚨 I may have uncovered a MASSIVE scandal in CA.

Gavin Newsom claims $24B for homelessness went "missing".

Well, I found evidence of CA officials possibly, allegedly, embezzling hundreds of millions, if not billions of dollars through a sketchy Cayman Islands group! 🧐

🧵1/

2/ In response to an April 2024 audit which exposed that California did not know how money going to solving homelessness was being spent, Gov. Newsom responded by stating the results “did not surprise” him, but added that California has taken part in “unprecedented investments”.

3/ What kinds of "unprecedented investments" you might ask?

Well, this is where things start to get sketchy.

Enter Todd Gloria, the Mayor of San Diego, who has been on a tear — making housing deal after housing deal — which he claims will "address homelessness."

4/ But when you look at the deals being done, the price tags are astronomical:

- $145 million project, 407 units
- $150 million project, 270 units

I don't know about you, but these look more like luxury condo investments disguised as "public housing projects".

5/ But here is where things gets even sketchier.

There is one investment group that pops up over and over again in all these city housing deals — the Chelsea Investment Corporation.

6/ Here's what we know about The Chelsea Investment Group:

- a developer that specializes in "affordable housing"
- incorporated in the Cayman Islands
- HQ is in Carlsbad, CA
- Founder, Jim Schmid
- CEO, Charles Schmid

7/ You ready for a real doozy?

Property records of their HQ address shows:
- 2016: Sold for $3.5M, $3.15M financed.
- 2023: Another transaction for an "undisclosed price," but $68M financed.

The kicker, the lender is the SD Housing Authority.

Not suspicious at all... 🤨

8/ The building looks to now be owned by 13th & Broadway CIC, LP — a shell company of Chelsea.

But here is where there begins to be more questions than answers.
- How did the property jump 20x in value in 7 years?
- Why is the SD Housing Authority functioning as their bank?

9/ One thing we do know: When Todd Gloria the chair of the San Diego's Budget and Finance Committee, records show the the Founder and then CEO of Chelsea Investment Corp. was a major donor to Gloria's campaign.

Quid Pro Quo? 🤔

10/ A dig into UCC filings and liens — Chelsea Investment Corp. is leaving a nasty paper trail all over the country, so their entanglement with "public housing" is not limited to San Diego or California.

I would advise you start looking in your local area to see what turns up.

11/ Final thoughts:

1) This is just the tip of the iceberg in the search for billions of "missing" dollars.

2) Legacy media have failed — it’s up to independent journalists to uncover the truth.

Big thanks to @AssyrianAngel28 and @Melissa_in_CA for their help!