All Roll Calls
Yes: 9 • No: 6
VirginiaSB14242025 Regular SessionSenate
Single-family homes; prohibited acquisition and ownership, restrictions, civil penalty.
Sponsored By: Schuyler T. VanValkenburg (Democratic)
Failed
Summary
Prohibited acquisition and ownership of single-family homes; restrictions; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors and has $50 million or more in net value or assets under management on any day during a taxable year from acquiring any interest in single-family homes, as defined in the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth by September 1, 2026, for any such business that acquired such interest prior to July 1, 2026. The bill also requires any such business to divest at least 10 percent of such interest per year over a course of 10 years whereby no such business shall own any interest in single-family homes on and after July 1, 2036. The bill requires the Secretary of the Commonwealth to report annually by December 1 on the registrations and any penalties assessed for failure to register or divest ownership interests and to submit such report to the Governor and the General Assembly. The bill also requires all real property tax bills to contain notice of such prohibited business ownership restrictions and registration requirements. The bill has a delayed effective date of July 1, 2026.
Finance and Appropriations
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Schuyler T. VanValkenburg
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 1/29/2025
Reported from General Laws and Technology with substitute and rereferred to Finance and Appropriations
Yes: 9 • No: 6
Actions Timeline
Left in Finance and Appropriations
2/5/2025SenateReported from General Laws and Technology with substitute and rereferred to Finance and Appropriations (9-Y 6-N)
1/29/2025SenateIncorporates SB1140(Sturtevant)
1/29/2025SenateCommittee substitute printed 25105837D-S1
1/29/2025SenateReferred to Committee on General Laws and Technology
1/16/2025SenatePresented and ordered printed 25104132D
1/16/2025SenatePresented and ordered printed 25104132D
1/16/2025Senate
Bill Text
Substitute
1/30/2025
Substitute
1/29/2025
Introduced
1/16/2025
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