A $4 million house located in a tranquil cul-de-sac in the Sonoma Valley has become the focal point of an ugly real estate fight. On one side, Pacaso, a startup that achieved a billion-dollar valuation quickly on the premise it could make second home ownership more accessible. The venture capital-backed startup converts houses into corporations and sells shares of these houses on its website.
On the other side are the people in the neighborhoods where Pacaso has bought homes. They say the concept does not seem new, and is in fact just a dressed-up version of a timeshare. The neighbors want Pacaso out. At the heart of the disagreement is who should own a house and how they can use it.
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