Bill > SB5580

This bill establishes a Corporate Homeowner Registration Program in response to the increasing acquisition of single-family homes and condominiums by private equity firms, real estate investment trusts, and other corporate entities in Washington state. The legislation requires entities owning 20 or more applicable housing units to register with the Secretary of State and provide detailed information including contact details, number and addresses of housing units, end use of each property (such as rental or sale), purchase prices, and business locations. The program aims to increase transparency in the housing market by tracking corporate ownership patterns, which have grown significantly (a 102% increase from 2020 to 2022), and which are disproportionately impacting working-class families and communities of color by outcompeting individual buyers and reducing affordable homeownership opportunities. Entities will need to update their registration within 60 days of any changes, with registration fees deposited into a new Corporate Homeowner Transparency Account. Certain entities, like banks acquiring properties through foreclosure and build-to-rent units, are exempt from the registration requirement. The ultimate goal is to provide policymakers and the public with data to make informed decisions about housing affordability, equity, and accessibility.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=5580&Year=2025&Initiative=false