This bill amends Chapter 34-2 of the General Laws to establish restrictions on the ownership of single-family and certain multi-family dwellings by legal entities that are not individuals. Specifically, it prohibits such entities from owning real property with an aggregate value exceeding $25 million. Entities that already exceed this threshold will be required to divest their holdings in a structured manner over ten years, starting with a 10% reduction in the first year and increasing to a complete divestment by the tenth year. The bill also outlines the definitions of single-family and multi-family dwellings, as well as the method for calculating the aggregate value of real property.

Additionally, the bill amends Section 34-18-58 to establish a statewide mandatory rental registry, requiring landlords to register specific information with the Department of Housing, including the assessed value of their properties and the aggregate value of all properties owned by individual landlords or business entities. It introduces penalties for non-compliance with registration requirements, allowing fines of up to $10,000 for each violation, and stipulates that landlords must be in compliance with these requirements before initiating eviction proceedings for nonpayment of rent. The provisions of this act will take effect on January 1, 2027.

Statutes affected:
8102: 34-18-58