Housing (Homeownership)

SB 5496 would limit large investment entities (like real estate investment trusts and pooled fund managers) and businesses owning over 50 single-family homes from purchasing additional single-family homes in Washington. It prohibits these entities from acquiring new properties, with limited exceptions for nonprofits, properties needing code modifications, or short-term conversions to multifamily housing. Violations could result in a $100,000 penalty per violation and require the property to be sold to a third party within one year. The bill aims to increase housing availability for residents by restricting large-scale investor purchases, which the legislature cites as contributing to the state's housing affordability crisis. The bill is currently pending in the Senate Rules Committee and has not advanced to final passage.