Bill limiting large corporate purchases of single‑family homes passes committee amid discussion of federal executive order

Senator Oliver sponsored SB 2-42, an affordable‑housing measure designed to limit the number of single‑family homes an entity can own in higher‑population counties. "This bill also aligns with the White House," Oliver said, referencing a recent federal executive order on institutional home purchases; the bill would cap ownership at 100 units and exempts purchases for affordable‑housing development.

Members questioned enforcement and whether entities could evade the cap through affiliates or phantom companies. Senator Oliver said the bill defines "affiliate" broadly so the ownership cap applies to related LLCs and that the text includes enforcement mechanisms.

Senator Lowe, who said he spoke with federal officials, argued there is precedent for such limits and that the bill reasonably targets urban impacts. Senator Roberts and others asked about overlap with the federal executive order and whether the state should wait for federal guidance; Oliver said the bill predates the executive order and is intended as a measured compromise.

After discussion and adoption of an amendment that makes the bill, the committee voted; SB 2-42 passed committee (7 ayes, 1 pass) and moves to the Senate calendar.

The committee record shows members aired enforcement and preemption concerns; sponsor said the bill can be amended later if needed to align with federal definitions or enforcement practice.