Texas officials file bills to regulate corporate homebuyers

Rep. Gina Hinojosa submitted two bills that she says would help create a “level playing field” for Texans looking to buy a home.

AUSTIN, Texas — The central Texas housing market has cooled, but affordability is still an issue.

Some experts blame companies and investment firms that buy houses to rent them out. New moves at the Texas Capitol aim to change that.

Texas State Rep. Gina Hinojosa told the Dallas Observer that financial institutions are the largest single buyers of middle-income housing in Travis County. So she submitted two bills that she said would level the playing field.

HB 1056 would require banks or investment firms renting homes to register with the Comptroller’s Office. The Comptroller’s Office would then compile and maintain this information in a searchable register on its website. This is an attempt to create more transparency about these companies. This bill would go into effect on January 1, 2024 if approved.

HB 1057 would prohibit investment firms from buying single family homes until they are on the market for 30 days. This bill would go into effect on September 1, 2023 if approved.

Rep. Hinojosa told the Dallas Observer that the legislation is an attempt to raise awareness of businesses and firms buying affordable housing and give residents a better chance of buying affordable housing.

Lawmakers will get back to work in the state capital in less than two weeks. The 88th legislative period begins on January 10th.

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https://www.kvue.com/article/news/local/texas-representative-bills-regulate-corporate-homebuyers/269-bd1f04c1-68e0-4c8e-8a1b-6772200a0a6a Texas officials file bills to regulate corporate homebuyers

Laura Coffey

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