Virginia Senate Bill 1424

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 16 2025 - 25% progression
Action: 2025-01-16 - Referred to Committee on General Laws and Technology
Pending: Senate General Laws and Technology Committee
Text: Latest bill text (Introduced) [HTML]

Prohibited acquisition and ownership of single-family homes; restrictions; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors and has $50 million or more in net value or assets under management on any day during a taxable year from acquiring any interest in single-family homes, as defined in the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth by September 1, 2026, for any such business that acquired such interest prior to July 1, 2026. The bill also requires any such business to divest at least 10 percent of such interest per year over a course of 10 years whereby no such business shall own any interest in single-family homes on and after July 1, 2036. The bill requires the Secretary of the Commonwealth to report annually by December 1 on the registrations and any penalties assessed for failure to register or divest ownership interests and to submit such report to the Governor and the General Assembly. The bill also requires all real property tax bills to contain notice of such prohibited business ownership restrictions and registration requirements. The bill has a delayed effective date of July 1, 2026.

Prohibited acquisition and ownership of single-family homes; restrictions; civil penalty.

Sen. Schuyler VanValkenburg [D]

Date	Chamber	Action
2025-01-16	Senate	Referred to Committee on General Laws and Technology
2025-01-16	Senate	Presented and ordered printed 25104132D

Type	Source
Summary	https://lis.virginia.gov/bill-details/20251/SB1424
Text	https://lis.virginia.gov/bill-details/20251/SB1424/text/SB1424