OLYMPIA – A bill aimed at preventing large corporate and investment firms from buying up single-family homes was heard Monday in the House Housing Committee. House Bill 1732, sponsored by Rep. Brianna Thomas, D-West Seattle, seeks to limit corporate ownership of single-family homes and cap business entity holdings at no more than 25 properties.
Since the 2008 financial crisis, Wall Street firms have been increasingly purchasing single-family homes, a trend projected to grow, with corporations potentially owning up to 40% of these homes by 2030. Advocates argue that this drives up home prices, making homeownership less attainable for Washington families and contributing to rising rents when these homes are leased out.
“Housing is a critical issue for our neighbors in the 34th and across Washington,” said Rep. Thomas. “Buying a home is becoming less and less attainable, largely because of bulk home buyers. This harms our pocketbooks, our neighbors, and the very fabric of the communities we call home. It has to stop.”
The House Housing Committee will now decide whether to advance the bill to the House Appropriations Committee for further consideration. The 105-day legislative session is scheduled to end on April 27, 2025.
