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Senator Sturtevant renews bill to bar large private equity firms from buying single-family homes and mobile home parks in Virginia
Summary
Senator Sturtevant and advocates described legislation to prohibit institutional investors meeting an asset-and-portfolio threshold from acquiring additional single-family rental homes and manufactured-home communities; commissioners raised data and enforcement questions and urged further research and drafting refinements.
Senator Frank Sturtevant presented legislation at the Virginia Housing Commission work group on Aug. 19 that would prohibit very large institutional investors from acquiring additional single-family homes and manufactured-home communities in Virginia once certain thresholds are met.
"This legislation very simply seeks to do is to prohibit these massive private equity and hedge funds from purchasing single family homes and mobile home parks in Virginia," Sturtevant said, describing the bill's trigger as a partnership, corporation or REIT with $50,000,000 or more in assets that already controls 50 or more…
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