Promotes housing availability and prevents speculation by imposing fee for institutional ownership of certain unproductive residential property.

This bill imposes a fee on institutional investors (like real estate investment trusts or corporations) owning single-family residential properties that meet specific "unproductive" criteria, such as overgrown vegetation, disconnected utilities, or lack of furnishings. It directly affects institutional owners of residential properties that are deemed abandoned or vacant under the bill's detailed definitions. The fee mechanism aims to incentivize productive use of these properties, increase housing availability, and generate revenue for housing needs. The legislation targets the growing role of institutional investors in reducing housing supply, as documented in a 2022 state study.