Bill > HB2325

This bill, titled the "Own Something and Be Happy Act," aims to regulate purchases of single-family homes by institutional investors in Arizona. An "Institutional Investor" is defined as any entity, regardless of location, that owns or manages ten or more single-family homes in the state. The bill prohibits these investors from owning more than fifty single-family homes in Arizona, from bidding on or offering to purchase a single-family home within the first sixty days it's listed for sale, and from acquiring homes through a "Bulk Purchase," which means buying two or more homes in a single or multiple transactions within a twelve-month period. Homebuilders, nonprofit organizations focused on affordable housing, government housing agencies, community land trusts, individuals or entities owning fewer than fifty homes, and pension funds with less than $5 million in assets are exempt from these restrictions. Institutional investors exceeding the fifty-home limit on the bill's effective date must stop acquiring new homes and sell until they comply. Furthermore, all institutional investors must file an annual disclosure with the Arizona Department of Housing detailing their single-family home ownership, purchases, and sales, though this information will be kept confidential except for aggregated policy use. The Attorney General, or county and city attorneys if the Attorney General declines, will enforce these provisions, with good faith compliance serving as a defense.

Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/84064