OLYMPIA – On Monday, the House Housing committee heard legislation to protect single-family homes from large corporate and investment purchasers. House Bill 1732, sponsored by Rep. Brianna Thomas, D-West Seattle, prevents investment entities from buying single-family homes and caps business entity ownership at no more than 25.
Wallstreet businesses have been buying up single family residences since the 2008 financial crisis. Current projections have large corporations owning as much as 40% of single-family home by 2030. This drives up home prices, locking out Washington families from buying affordable homes, and contributes to skyrocketing rents when these homes are rented out.
“Housing is a critical issue for our neighbors in the 34th and across Washington,” said 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.”
You can watch testimony on House Bill 1732 at www.tvw.org/watch/?clientID=9375922947&eventID=2025021233.
The committee will now consider passing the legislation on to the House Appropriations committee for further consideration. The 105-day legislative session ends April 27, 2025.