The proposed bill, General Assembly Proposed Bill No. 442, aims to enhance access to 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.

The bill seeks to address the growing concerns over the impact of corporate ownership on housing affordability and availability, particularly for individual homebuyers. By implementing these regulations, the bill aims to create a more equitable housing market and support community-driven housing initiatives.