Virginia · 2025 Regular Session · Bill
SB 1424: Single-family homes; prohibited acquisition and ownership, restrictions, civil penalty.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 1424 is a bill introduced in the Virginia Senate on January 16, 2025. According to its official title, it concerns: Single-family homes; prohibited acquisition and ownership, restrictions, civil penalty. Primary sponsor: Schuyler VanValkenburg (Democratic). It lists 1 additional sponsor. Most recent recorded action (February 5, 2025): Left in Finance and Appropriations.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
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.
Sponsors
Sponsors by party (alphabetical): Democratic 1 · Republican 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Schuyler VanValkenburg | Primary sponsor | Democratic | Senate | 16 |
| Glen Sturtevant | Co-sponsor | Republican | Senate | 12 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Left in Finance and Appropriations
- Committee substitute printed 25105837D-S1
- Reported from General Laws and Technology with substitute and rereferred to Finance and Appropriations (9-Y 6-N)
- Incorporates SB1140(Sturtevant)
- Referred to Committee on General Laws and Technology
- Presented and ordered printed 25104132D
- Presented and ordered printed 25104132D