The proposed bill, General Assembly Proposed Bill No. 442, aims to enhance access to affordable homeownership and regulate corporate ownership of residential properties. Key provisions include prohibiting out-of-state hedge funds from purchasing single-family dwelling units, mandating separate bidding processes for large investors and individual buyers at foreclosure auctions, and promoting community-based housing solutions by encouraging municipalities to expand funding for community land trusts and housing cooperatives. Additionally, the bill requires private equity firms and large investors to disclose detailed information regarding property ownership and caps the number of single-family dwelling units that can be owned by a corporate entity.

This legislation seeks to address the challenges faced by individual homebuyers in a competitive housing market increasingly dominated by corporate entities. By implementing these measures, the bill aims to create a more equitable environment for homeownership and ensure that residential properties remain accessible to local buyers rather than being acquired by large, out-of-state investors.