This bill amends Chapter 34-2 of the General Laws to introduce a new section that restricts legal entities, which are not individuals, from owning single-family and certain multi-family dwellings if their aggregate value exceeds $25 million. The bill defines single-family dwellings as properties with one dwelling unit and multi-family dwellings as those with two to four units. Entities that exceed this threshold will be prohibited from owning these properties and will be required to divest their holdings 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 used for this registration will be based on the value determined for municipal real estate tax purposes. The act is set to take effect on January 1, 2026.

Statutes affected:
489: 34-18-58