Whereas, the rising cost of housing has created a housing affordability crisis, impacting access to stable and affordable homes for families and individuals; and
Whereas, the increasing presence of corporate and institutional investors in the single-family housing market exacerbates this crisis by driving up prices, limiting housing supply for owner-occupants, and reducing long-term community stability; and
Whereas, it is in the public interest to promote owner-occupancy, support the formation of stable communities, and ensure access to affordable housing;
Therefore, be it enacted by the [Legislative Body] as follows:
Section 1. Definitions
- “Person” shall mean:
- (a) Individuals;
- (b) Firms, companies, business trusts, estates, trusts, sole proprietorships, partnerships, general partnerships, limited liability companies, associations, corporations, and any other business entities;
- (c) Governments other than the government of the United States, its states, subdivisions, territories, or possessions;
- (d) Legal or commercial entities, organizations, joint ventures, and nonprofits.
- “Single-Family Dwelling” shall mean any detached residential building designed for occupancy by a single family.
- “Immediate Family” shall mean spouse, domestic partner, children, parents, siblings, grandparents, and grandchildren.
Section 2. Restrictions on Single-Family Home Ownership - (a) Owner-Occupancy Requirement: No “Person” may acquire a single-family dwelling for any purpose other than personal occupancy or occupancy by their immediate family, except as otherwise provided in this Act.
- (b) Rental Property Limitations:
- (1) No “Person” or group of “Persons” may own more than 10% of all available single-family dwellings within a 20-mile radius for the purpose of commercial rental.
- (2) Investment firms are prohibited from owning more than one single-family dwelling within a 10-mile radius.
Section 3. Exemptions
The following are exempt from the restrictions of this Act:
- (a) The purchase of a single-family dwelling for the purpose of rehabilitation or redevelopment for subsequent owner-occupancy or for resale.
- (b) The acquisition of a single-family dwelling through inheritance or as part of a bona fide estate settlement.
- (c) The purchase of a single-family dwelling by a non-profit organization for the purpose of providing affordable housing to low-income individuals or families.
- (d) The purchase of multiple condemned single family homes for the sole purpose of demolition and replacement with multi-tenant housing must include green space, community hall, and shall only be allowed one such project per ten mile radius.
Section 4. Enforcement - (a) The [Relevant Government Agency] shall be responsible for the enforcement of this Act.
- (b) Violations of this Act may result in [Specify penalties, e.g., fines, civil penalties, or other appropriate sanctions].
Section 5. Severability
If any provision of this Act is held to be invalid, such invalidity shall not affect the validity of the remaining provisions of this Act.
Section 6. Effective Date
This Act shall take effect [Specify effective date].
Note: This is a draft policy and may require further refinement and legal review to ensure compliance with applicable laws and regulations.
Disclaimer: This policy draft is for informational purposes only and does not constitute legal advice.
Disclaimer: This is a complex issue with strong opinions on both sides. This response aims to present a potential policy approach, but it’s important to consider the potential impacts and unintended consequences of such regulations.