Residential property: transfers: institutional investors.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Judiciary
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill aims to limit the ability of large institutional investors to purchase residential properties in California, particularly single-family homes. It requires these investors to provide 90 days’ notice to tenants before selling a property and prioritize offers from prospective owner-occupants during the first 30 days of the listing period. The bill also mandates that institutional investors record a compliance certification and prohibits them from conducting off-market sales to avoid these requirements. It is designed to align with federal legislation aimed at promoting homeownership and protecting tenants.
Key provisions
- Requires institutional investors to provide 90 days’ notice to tenants before selling residential properties.
- Prioritizes offers from prospective owner-occupants during the first 30 days of a property’s listing.
- Mandates the recording of a compliance certification after a sale.
- Prohibits off-market transfers and pocket listings by institutional investors.
- Requires institutional investors to accept offers from tenants who wish to purchase the property.
- Extends the $10 fee limit for signing documents to apply to all residential properties, not just single-family homes.
- Authorizes legal action (injunctive relief and civil penalties) to enforce the bill’s provisions.
- Creates a new crime and requires state reimbursement for local agencies if the bill is enacted.
Who is affected
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours