Last week the California State Assembly passed a bill limiting the number of houses that a corporation can buy and rent out now moves to the state Senate. The bill would prevent companies from buying more than 1,000 single-family home properties to serve as rental units.
Three companies already own more than 1,000 single-family homes each and a fourth owns 977, according to USA Today citing California Bureau of Research figures. Invitation Homes owns the most at 12,000 houses as of December.
The bill had its first reading in the Senate on Wednesday and then moved to the Senate Rules Committee for assignment to a policy committee. If it passes the Senate it goes to Gov. Gavin Newsom for his signature.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
