Bill > SB2819

This bill aims to address Hawaii's housing crisis by prohibiting certain entities, defined as "covered entities" which are partnerships, corporations, or real estate investment trusts that own ten or more single-family residences, manage pooled investor funds, and have at least $30 million in net value or assets under management, from purchasing single-family residences in the state, with exceptions for non-profits focused on affordable housing, community land trusts, and creditors acquiring property through foreclosure. A "single-family residence" is defined as a property with one to four dwelling units, excluding those acquired through foreclosure and not yet occupied, those used as a principal residence by an owner within the entity, or those funded by public money. The bill mandates that the Department of Commerce and Consumer Affairs (DCCA) will require reporting on the acquisition dates of single-family residences by covered entities and whether new buyers own other single-family residences, with a penalty of $20,000 for failing to report or providing incorrect information, unless reasonable cause is shown. Additionally, sellers must obtain a certification from each buyer stating they are not a covered entity and acknowledge potential penalties for false certification. The DCCA is empowered to establish necessary forms, procedures, and rules for implementation, and the Attorney General will enforce the chapter through legal actions, including injunctions and civil damages, which can be up to half the fair market value of the property for violations.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2819&year=2026