Solved
(Sim) does not own this item
All items that you can put in your sims personal inventory now say "(Sim) does not own this item" Have tried moving multiple different types items and get the same result for each one. Not a huge deal for items that can be bought again in build mode, but pictures and items that can't be replicated are a big loss.
Buying an item fresh from build mode does work and my sims have ownership of these, but all original items are affected. Not sure if this is related but all items I previously owned that were stored in any storage (bookcases, toybox, refrigerator) have all disappeared too.
Found a fix to the issue after troubleshooting more, going into build mode and moving these items to household inventory reassigned their ownership to my sims.
.png){kind=link}