This bill seeks to enhance housing availability and reduce speculation by imposing a $30,000 fee on institutional investors who own unproductive residential properties, defined as abandoned or vacant real estate that has not been continuously occupied for a specified period. The legislation outlines criteria for identifying "unproductive" properties while excluding certain categories, such as those primarily used for agriculture or currently under development. Institutional investors are mandated to report their property holdings annually to the Commissioner of Community Affairs, with penalties for failing to comply.

Furthermore, the bill provides exemptions for specific entities, including nonprofit organizations focused on affordable housing, small institutional investors, and financial institutions acquiring properties through foreclosure. It establishes that each day the commissioner does not receive the annual report will be treated as a separate offense and requires the commissioner to develop rules and regulations for the bill's implementation in consultation with the Director of the Division of Consumer Affairs. The bill is set to take effect six months after its enactment and will apply to any institutional investor acquiring ownership of a subject property after that date.