Single-family residential real property: corporate entity: ownership.
- Prohibits large corporations owning over 1,000 single-family homes from buying additional houses to lease.
- Requires violating companies to sell non-compliant properties within one year of court judgment.
- Imposes a $100,000 penalty for each violation, enforced by the state Attorney General.
Assembly Member Lee's proposal to limit corporate ownership of single-family homes would prohibit business entities that own more than 1,000 single-family residential properties from purchasing additional properties for rental purposes. The measure establishes the Attorney General's office as the sole enforcement authority for these new restrictions.
The bill defines business entities broadly to include corporations, partnerships, real estate investment trusts, and similar organizations, while specifically exempting nonprofit organizations and companies primarily engaged in new housing construction. Under the proposal, a single-family residential property refers to a detached dwelling unit with an issued certificate of occupancy on a single parcel.
For violations, courts must impose a $100,000 civil penalty per property and require the business entity to sell the non-compliant property to an independent third party within one year. The Attorney General can also seek attorney's fees, costs, and additional relief through civil action. Property sellers face no liability under the measure's provisions.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 9 | 1 | 2 | 12 | PASS |
 Joaquin ArambulaD Assembly Member | Committee Member |  Not Contacted | |
 Buffy WicksD Assembly Member | Committee Member | Not Contacted | |
 Alex LeeD Assembly Member | Bill Author | Not Contacted | |
 Lisa CalderonD Assembly Member | Committee Member | Not Contacted | |
 Mike FongD Assembly Member | Committee Member | Not Contacted |
| Bill Number | Title | Introduced Date | Status | Link to Bill |
|---|---|---|---|---|
AB-2584 | Single-family residential real property: corporate entity: ownership. | February 2024 | Failed |
- Prohibits large corporations owning over 1,000 single-family homes from buying additional houses to lease.
- Requires violating companies to sell non-compliant properties within one year of court judgment.
- Imposes a $100,000 penalty for each violation, enforced by the state Attorney General.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Assembly Member Lee's proposal to limit corporate ownership of single-family homes would prohibit business entities that own more than 1,000 single-family residential properties from purchasing additional properties for rental purposes. The measure establishes the Attorney General's office as the sole enforcement authority for these new restrictions.
The bill defines business entities broadly to include corporations, partnerships, real estate investment trusts, and similar organizations, while specifically exempting nonprofit organizations and companies primarily engaged in new housing construction. Under the proposal, a single-family residential property refers to a detached dwelling unit with an issued certificate of occupancy on a single parcel.
For violations, courts must impose a $100,000 civil penalty per property and require the business entity to sell the non-compliant property to an independent third party within one year. The Attorney General can also seek attorney's fees, costs, and additional relief through civil action. Property sellers face no liability under the measure's provisions.
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 9 | 1 | 2 | 12 | PASS |
Joaquin ArambulaD Assembly Member | Committee Member | Not Contacted | |
Buffy WicksD Assembly Member | Committee Member | Not Contacted | |
Alex LeeD Assembly Member | Bill Author | Not Contacted | |
Lisa CalderonD Assembly Member | Committee Member | Not Contacted | |
Mike FongD Assembly Member | Committee Member | Not Contacted |
| Bill Number | Title | Introduced Date | Status | Link to Bill |
|---|---|---|---|---|
AB-2584 | Single-family residential real property: corporate entity: ownership. | February 2024 | Failed |