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Committee advances bill restricting institutional purchases of single-family homes with amendments
Summary
Lawmakers amended and released S3097 to limit institutional investor purchases of single-family homes and to add condos/co-ops to the definition; builders and realtors voiced concerns about supply and thresholds during testimony.
The Senate Community and Urban Affairs Committee on Thursday advanced S3097, the "Protection of Homeownership and Limiting Institutional Investor Acquisition Act," after adopting committee amendments.
Staff explained amendments that reduce a moratorium window for certain investors from 90 days to 45 days and expand the bill's definition of single-family homes to include condominium and cooperative units. The committee also added statutory definitions consistent with existing law.
At the table, Jeff Kulikowski of the New Jersey Builders Association cautioned that policy should focus on increasing supply rather than primarily targeting market participants. "What I mean by that is that we have people taking advantage of a market here...There's a limited supply of housing," he said, arguing the bill's thresholds might unintentionally penalize small-scale investors.
Catherine Best of the New Jersey Realtors testified in opposition, saying members worry the bill could delay sales and complicate transactions, and asked for separate consideration of provisions addressing "starter homes" defined in the draft as 1,800 square feet or less.
Senator Wimberley framed the measure as an urban-focused tool to stabilize homeownership in cities and to encourage owner-occupancy. Following brief remarks and one question-and-answer exchange, the committee approved release of the amended bill by roll call.
