This bill amends Chapter 34-2 of the General Laws to introduce 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 currently exceed this threshold will be required to divest their holdings in a structured manner over ten years, with specific percentages of divestment mandated each year. The bill outlines the definitions of single-family and multi-family dwellings and specifies that the aggregate value of real property will be calculated based on the assessed value used for municipal real estate tax purposes.

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 and the aggregate value of all properties owned by individual landlords or business entities. This registry aims to enhance transparency and compliance among landlords. Failure to comply with the registration requirements will result in civil fines, and landlords must demonstrate compliance before initiating eviction proceedings for nonpayment of rent. The provisions of this act will take effect on January 1, 2027.

Statutes affected:
2902: 34-18-58