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Council asks city attorney to review proposed limits on corporate homeownership
Summary
The Sustainable Economies Law Center presented a draft ordinance to limit corporate purchases of single-family and small multiunit homes; council directed the city attorney to evaluate legal risks and collaborate with the group on feasibility and next steps.
The Richmond City Council heard a presentation from the Sustainable Economies Law Center on Feb. 4 about a draft ordinance intended to curb "corporate land grabs" — acquisitions of single‑family homes, duplexes, triplexes, fourplexes and separately deeded condos by investor entities.
Presenters described a proposal that would exempt nonprofit and community‑controlled housing, set a natural‑person ownership cap (proposed at four covered properties per person, with higher allowances for limited/minority-share scenarios), and allow individuals to use LLCs or trusts so…
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