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Washington committee hears bill to cap large investors at 100 single-family homes
Summary
Lawmakers and witnesses debated Senate Bill 5,496, which would bar business entities owning more than 100 single-family homes from buying additional single-family properties (with exemptions for nonprofits and new construction). Supporters cited housing access; industry groups warned of market disruption and asked for more data.
Sen. Emily Alvarado, sponsor of Senate Bill 5,496, told the House Housing Committee on Feb. 23 that the measure would limit the ability of large corporate investors to buy more than 100 single-family residential homes in Washington, aiming to keep more homes available for owner-occupants. "We want investors to help us build new housing stock, not speculate on the existing market," Alvarado said.
Audrey Vacek, staff to the committee, summarized the bill for members, saying it would prohibit a business entity that already has an interest in more than 100 single-family properties from acquiring additional single-family properties, while exempting nonprofits that preserve homes as permanently affordable, developers building new housing, and entities acquiring properties through foreclosure servicing. Violations…
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