Single-family residential real property: corporate entity: ownership.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Judiciary
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill restricts large corporate entities owning over 1,000 single-family homes from purchasing additional properties and then leasing them out. The Attorney General can take legal action against such entities, potentially requiring them to pay a $100,000 penalty per violation and sell the property to an independent third party within a year. The bill aims to prevent large-scale corporate control of residential housing.
Key provisions
- Prohibits business entities with over 1,000 single-family properties from acquiring additional single-family properties and leasing them.
- Authorizes the Attorney General to bring civil actions against violating entities.
- Provides for a civil penalty of $100,000 per violation.
- Requires the violating entity to sell the property to an independent third party within one year of a court judgment.
- Defines key terms such as ‘business entity’ and ‘single-family residential property’.
- Specifies that this bill is the exclusive means of enforcement.
Who is affected
- Large corporate entities owning real estate
- Real estate investors
- Homeowners
- The Attorney General’s office
- California residents
Notable changes
- Creates a new restriction on corporate ownership of single-family homes.
Bill text
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