Precludes an institutional investor or its subsidiaries or affiliates from purchasing residential property

HB 2077 prohibits institutional investors (such as hedge funds, private equity firms, or real estate investment trusts owning over 50 U.S. residential properties or managing over $100 million in real estate assets) from purchasing most single-family homes or small multi-unit properties (up to four units) after August 28, 2026. Current institutional owners must divest these properties within three years, selling them to individual owners or community-based housing organizations. Exemptions apply to nonprofits, public housing authorities, small local landlords (under 50 units statewide), and banks holding foreclosed homes for resale within 12 months. Violations carry up to $50,000 in fines per property and require forced divestment.