| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to an annual study by the Texas A&M University Texas Real |
|
|
Estate Research Center of the purchase and sale of single-family |
|
|
homes by certain institutional buyers. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter C, Chapter 86, Education Code, is |
|
|
amended by adding Section 86.531 to read as follows: |
|
|
Sec. 86.531. ANNUAL STUDY AND REPORT ON SINGLE-FAMILY HOME |
|
|
PURCHASES AND SALES BY CERTAIN INSTITUTIONAL BUYERS. (a) In this |
|
|
section, "institutional buyer" means a corporation, limited or |
|
|
general partnership, limited liability company, business trust, |
|
|
investment asset manager, real estate investment trust, joint |
|
|
venture, joint stock company, or bank that purchases or acquires |
|
|
for consideration 10 or more single-family homes in this state in a |
|
|
calendar year. |
|
|
(b) Using existing available data and deed records, the |
|
|
center shall annually compile information related to institutional |
|
|
buyers' purchases and sales of single-family homes in this state |
|
|
for the calendar year. The information must include: |
|
|
(1) the number of single-family homes purchased by |
|
|
each institutional buyer in the calendar year; |
|
|
(2) of the single-family homes described by |
|
|
Subdivision (1), the number acquired through foreclosure; |
|
|
(3) of the single-family homes described by |
|
|
Subdivision (1), the number sold by each institutional buyer during |
|
|
the same year; |
|
|
(4) of the single-family homes described by |
|
|
Subdivision (1), the number used as rental properties during the |
|
|
same year; |
|
|
(5) the city and county where each single-family home |
|
|
described by Subdivision (1) is located and the number of homes |
|
|
purchased in each city or county; and |
|
|
(6) the appraised value of each single-family home |
|
|
described by Subdivision (1). |
|
|
(c) In addition to the information required by Subsection |
|
|
(b), the center may compile additional information: |
|
|
(1) at the recommendation of the legislature; or |
|
|
(2) that the center determines is relevant based on |
|
|
market trends. |
|
|
(d) Not later than June 1 of each year, the center shall |
|
|
submit a report to the lieutenant governor, the speaker of the house |
|
|
of representatives, and each member of the legislature. The report |
|
|
must contain: |
|
|
(1) a summary of the information compiled under |
|
|
Subsection (b) for the preceding calendar year; |
|
|
(2) an assessment of any trends or patterns relating |
|
|
to the relative number of purchases by institutional buyers, |
|
|
including whether the institutional buyers fall into any readily |
|
|
observable groups based on number of purchases or other appropriate |
|
|
criteria; and |
|
|
(3) an analysis of: |
|
|
(A) the impact of institutional buyers on the |
|
|
cost of housing; and |
|
|
(B) the advantages, if any, that institutional |
|
|
buyers have over individual buyers in the real estate market. |
|
|
(e) After completing the initial report under this section, |
|
|
the center may compile information from any calendar years |
|
|
preceding 2023 to create and submit reports for those years that |
|
|
include the information listed in Subsections (b) and (d). |
|
|
SECTION 2. As soon as practicable after the effective date |
|
|
of this Act, the Texas A&M University Texas Real Estate Research |
|
|
Center shall take any actions necessary to prepare to implement |
|
|
Section 86.531, Education Code, as added by this Act. |
|
|
Notwithstanding Section 86.531(d), Education Code, as added by this |
|
|
Act, the center is not required to submit the initial report |
|
|
required by that subsection before the 273rd day after the |
|
|
effective date of this Act. |
|
|
SECTION 3. This Act takes effect on the 91st day after the |
|
|
last day of the legislative session. |