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Sponsors pitch tax and right-of-first-offer measures to curb large corporate purchases of single-family homes
Summary
Delegate Marlon Hampton (sponsor) and supporters said HB1428 would impose a single-family excise tax and create a 30-day exclusive first-offer window for individuals and small buyers to slow acquisitions by large investors; builders and landlord groups opposed, citing enforcement and market impacts.
Delegate Marlon Hampton presented House Bill 14 28, titled in the hearing materials as the Hedge Fund Control of Maryland Homes Act, which would impose a new excise tax and create a short “first offer” window intended to limit large corporate purchases of single-family homes in Maryland.
“We decided for efficiency sake to put the bills together,” Hampton said, summarizing prior proposals and saying the measure is intended to protect first-time homebuyers and middle-class families from large institutional purchasers. The sponsor…
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