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Committee advances bill capping corporate ownership of single-family homes after tight votes on three amendments
Summary
Engrossed Second Substitute Senate Bill 5,496, which limits single-family home ownership by corporate/investment entities and applies a 100-property cap (with listed exemptions), was reported out of committee 9–8 after the committee rejected three amendments seeking clarifications and exemptions.
The Housing Committee voted 9–8 on Feb. 24 to report Engrossed Second Substitute Senate Bill 5,496, a measure that limits homeownership by corporate or investment entities, advancing the bill to the next legislative stage after a contentious committee debate and three failed amendment attempts.
The bill as presented would treat certain investment entities as business entities subject to a 100-property limit for single-family residential properties in Washington State, clarify the application of that limit to properties owned in Washington, and create multiple narrowly defined exemptions (for example, noncontrolling interests, properties that were rentals for 12 months prior to acquisition, and properties listed for more than 180 days unless subject to a binding sales…
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