Rental housing: large-scale buy-to-rent investors: data collection.

Existing law, the Planning and Zoning Law, requires cities and counties to prepare and adopt a general plan for their jurisdictions that contains certain mandatory elements, including a housing element. Existing law requires the housing element to include, among other things, an inventory of land suitable for residential development and to make adequate provision for the existing and projected needs of all economic segments of the community. Existing law states legislative findings declaring that the preservation and enhancement of opportunities for home ownership are beneficial to the well-being and prosperity of the people of the state. This bill would establish the Task Force on Institutional Investors within the Bureau of Real Estate, under the leadership of the Real Estate Commissioner. The bill would require the task force, on or before July 1, 2018, to submit to the Governor and the Legislature a report that includes information regarding how many large-scale buy-to-rent investors own property in the state for the purpose of renting the property, in which regions of the state their investment activity is occurring, the number, density, and percentage of single-family homes each large-scale buy-to-rent investor owns, an analysis of the potential impacts of their investments, as specified, data on how the structure of the investment instruments in which properties in California are held, and recommendations on how to increase home ownership among the residents of California and the tracking and monitoring of large-scale buy-to-rent investor holdings. The bill would make various findings and declarations in this regard. This bill would declare that it is to take effect immediately as an urgency statute.