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Sponsor seeks to limit institutional purchases of single‑family homes; opponents cite constitutional and market concerns
Summary
Representative Alessandra Murray introduced HB 623 to prevent non‑natural persons (corporations, LLCs) from buying single‑family homes for a set initial period, citing investor buyers pricing out families; realtors and constitutional experts warned of legal and market consequences and urged further study.
Representative Alessandra Murray told the committee she introduced House Bill 623 to slow large institutional purchases of single‑family homes that she and constituents said priced local buyers out of the market. Murray described personal experience: after being told to move by a landlord, her family was outbid repeatedly by investor buyers paying cash. Murray said the bill would prohibit non‑natural persons from buying single‑family homes for an initial listing period (her draft proposes a 90‑day window) to give resident families first opportunity to purchase.
Supporters described a national trend of corporate institutional…
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