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Councilmember Chantal Lewis proposes licensing and no‑solicit registry to curb predatory property wholesaling
Summary
Councilmember Chantal Lewis presented a draft bill to require a city licensing registry for residential wholesalers, create a homeowner 'no‑solicit' list, mandate disclosure forms and a cooling‑off period, and give Licensing & Consumer Protection authority to investigate and enforce penalties.
Councilmember Chantal Lewis introduced a bill concept the City should consider to regulate "residential property wholesaling," which she described as predatory home investing wherein investors buy homes with cash and resell them immediately or assign contracts for a profit. Lewis said the practice can depress sale prices in distressed neighborhoods and disproportionately affects vulnerable and nonwhite communities.
Citing national research, Lewis referenced a 2023 Drexel University Metro Finance Lab report that found homes sold to investors in a Philadelphia study sold for an average of $126,000 less than comparable sales…
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