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Committee hears split testimony on nonprofit right-of-first-refusal and ownership-cap bills
Summary
Senate bills to give qualified nonprofits a right of first refusal on older multifamily buildings (SB202) and to limit aggregate real‑estate ownership by individual legal entities (SB489) drew mixed testimony and were held for further study.
The Senate Committee on Housing and Municipal Government heard competing views April 3 on two bills intended to limit large investor influence on housing stock and to give community nonprofits priority to buy older multifamily properties.
Senate Bill 202, sponsored by Senator Coleman, would give qualified, Rhode Island–based nonprofits a right of first refusal or first offer on certain multifamily properties (proposed threshold discussed at 10 or more units, built more than 20 years earlier). Supporters, including Phil West (Village Commons) and Melina Lodge (Housing Network of Rhode…
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