TOOLS FOR TACKLING CORPORATE LANDLORDS

The report examines various legislative attempts to curb the growth of corporate landlords in the US, focusing on strategies to deconsolidate the housing market. It analyzes proposed and enacted measures such as ownership caps in North Carolina, excise taxes in California and Ohio, and right of first refusal laws in California and Colorado. While many of these bills failed in committee due to political opposition, the report highlights successful examples like Los Angeles's 'mansion tax' and Colorado's protections for manufactured housing residents as models for future housing justice efforts.

• Private equity firms in the US own at least 1.6 million housing units, though this is likely an underestimate due to ownership record opacity. These firms often target historically Black and lower-income communities, particularly in Sunbelt states, and typically seek high returns of at least 15% within a 3-5 year timeframe.
• Several US states have introduced legislation to cap the number of properties a corporate entity can own. For example, North Carolina's Home Ownership Market Manipulation Act sought to limit landlords to 100 single-family homes in populous counties, while Minnesota's HF 685 attempted to prohibit corporations from converting single-family homes into rental units.
• Taxation is used as a tool to discourage corporate hoarding. Ohio's SB 76 proposed a monthly tax of $1,500 for each house owned by landlords with 50 or more units in one county. California's AB1199 proposed an annual excise tax on corporations owning more than ten single-family homes. At the local level, Los Angeles's Measure ULA (the 'mansion tax') imposes a 4% to 5.5% transfer tax on high-value properties to fund services for the unhoused.
• Right of first refusal (ROFR) laws aim to give individual buyers and tenants a competitive advantage over corporate investors. California's SB 1079 prevents the bundling of foreclosed homes at auction and provides a 45-day window for eligible bidders to match the best bid. Colorado enacted a law in October 2022 granting residents of manufactured housing communities the right to purchase their park before it is sold to an outside buyer.
• Federal legislative efforts have targeted the financial mechanisms of corporate landlords. The End Hedge Fund Control of American Homes Act proposed a $20,000 tax penalty for companies owning over 100 homes, while the SHAPE Act proposed a federal real estate transfer tax set at 100% of the sale price for large private equity firms purchasing single-family homes.

APA

Bankson, M., & Noble, C. (2023). TOOLS FOR TACKLING CORPORATE LANDLORDS. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2023/12/PESP-Report-Tools-for-Tackling-Corporate-Landlords-3-Pro-Competitive-Reforms-December-2023.pdf

Chicago

Bankson, Madeline, and Chris Noble. TOOLS FOR TACKLING CORPORATE LANDLORDS. Private Equity Stakeholder Project, 2023. https://pestakeholder.org/wp-content/uploads/2023/12/PESP-Report-Tools-for-Tackling-Corporate-Landlords-3-Pro-Competitive-Reforms-December-2023.pdf.

Wikipedia

{{cite report |last1=Bankson |first1=Madeline |last2=Noble |first2=Chris |title=TOOLS FOR TACKLING CORPORATE LANDLORDS |publisher=Private Equity Stakeholder Project |date=November 2023 |url=https://pestakeholder.org/wp-content/uploads/2023/12/PESP-Report-Tools-for-Tackling-Corporate-Landlords-3-Pro-Competitive-Reforms-December-2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bankson2023tools, author = {Bankson, Madeline and Noble, Chris}, title = {{TOOLS FOR TACKLING CORPORATE LANDLORDS}}, institution = {Private Equity Stakeholder Project}, year = {2023}, month = nov, url = {https://pestakeholder.org/wp-content/uploads/2023/12/PESP-Report-Tools-for-Tackling-Corporate-Landlords-3-Pro-Competitive-Reforms-December-2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }