Senate Bill 5496- Preserving homeownership options by limiting excessive home buying by certain entities.

We are opposed to Senate Bill 5496. While the bill's intent is to promote homeownership by reducing properties purchased by investors, it could inadvertently hinder housing development by restricting developers from acquiring and owning multiple properties. Developers often purchase multiple properties to economies of scale, reduce costs, and offer more affordable housing options. Limiting their ability to do so may lead to decreased housing and increased prices, exacerbating the housing affordability crisis.

​Furthermore, by imposing constraints on developers, the bill could discourage investment in housing projects within the state. This may result in slower development timelines and reduced innovation in housing solutions. To effectively address housing affordability and availability, it is crucial to consider policies that encourage development and investment, rather than implementing measures that may unintentionally impede progress in expanding the state's housing stock.