This bill amends Chapter 34-2 of the General Laws by introducing a new section that prohibits legal entities, which are not individuals, from owning single-family dwellings and certain multi-family dwellings if their aggregate real property value exceeds $25 million. The bill defines single-family dwellings as properties containing no more than one dwelling unit and multi-family dwellings as those containing two to four dwelling units. Entities that exceed this threshold will be required to divest their holdings in these properties over a ten-year period, with specific annual divestment percentages outlined for each year.

Additionally, the bill amends Section 34-18-58 of the General Laws to establish a statewide mandatory rental registry, requiring landlords to register various information, including the assessed value of their properties. The assessed value will be used for calculating municipal property taxes and the aggregate value of all properties owned by individual landlords or business entities. The registration must be completed by October 1, 2024, and landlords must be in compliance with these registration requirements before initiating eviction proceedings for nonpayment of rent. The act is set to take effect on January 1, 2026.

Statutes affected:
489: 34-18-58