Presumably this law still will be easily avoided by the sufficiently wealthy-- some kind of finance structure involving loans and whatever where a nominee is the legal beneficial owner. ... and outright criminals will just break it, because its not like violations of it will be detected quickly and if they are detected the criminals will already have worse problems.
Or just purchase a 'real' business that engages in some unrelated activity to own the property... Which is something just about every money launderer already does! It just has to be over the size threshold in this bill, essentially leaving this avenue open only to the wealthy.
This was not a tool "only for the wealthy" and since the limits of the law are fairly low before the law no longer applies it is clear this law IS NOT targeting "the wealthy"