H-0437.1
HOUSE BILL 1732
State of Washington
69th Legislature
2025 Regular Session
By Representatives Thomas, Fosse, Simmons, Street, Berry, Kloba, Ryu, Parshley, Obras, Reed, Zahn, Ormsby, Cortes, Hill, Scott, Pollet, Macri, and Ramel
Read first time 01/30/25. Referred to Committee on Housing.
AN ACT Relating to preserving homeownership options by limiting excessive home buying by certain entities; amending RCW 19.86.140 ; adding a new chapter to Title 19 RCW; creating a new section; and prescribing penalties.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that Washington state is in a housing crisis, with few homes on the market that are affordable to families of moderate incomes. The legislature has taken steps in recent years to boost the state's housing supply through grants and incentive programs, permitting reform, and increasing density in certain land use zones. However, the state has seen the average home price in Washington rise 55 percent between 2018 to 2021. During roughly the same time period, the change in share of homes purchased by medium, large, and mega investors increased by 46 percent. These types of investors currently own just over seven percent of the housing supply in Washington, locking out families from real estate ownership opportunities and the ability to develop intergenerational wealth. Therefore, the legislature intends to prohibit large investment and business entities from purchasing more of the state's existing stock of homes so that the affordable housing supply is available for purchase by residents and families.
NEW SECTION. Sec. 2. (1)(a) A business entity that has an interest in more than 25 single-family residential properties may not purchase, acquire, or otherwise obtain an interest in another single-family residential property.