Virginia senator wants to ban investment firms from buying single-family homes among other reforms
RICHMOND, Va. (WRIC) -- Virginia Senator Glen Sturtevant (R-Colonial Heights) is proposing big changes ahead of next year’s general assembly session in an effort to make it easier for Virginians to buy a home. “Everyone wants to own their own home, that’s the American dream,” Sturtevant told 8News. Sturtevant’s top priority is banning large investment companies, like hedge funds, from buying single-family homes in Virginia. According to Redfin, in the second quarter of 2024, investors -- which they define as any institution or business that purchases residential real estate -- bought one out of every six homes that were purchased in the United States. When you look at what Redfin defines as "low-priced homes," that number jumps to one in four. “They can overpay for a house. They can outbid you on a house very very easily and what that does is if they overpay for a house in one particular area, that actually helps drive up the prices for the other homes that they already own in the same area,” Sturtevant explained. In addition, Sturtevant is proposing legislation to allow homebuyers to inherit a seller’s mortgage if they choose. “If you were someone who was able to buy a house or refinance your house during COVID, when rates were super low, below 3%, my bill would allow you to sell that home, but also for the buyer to assume your nice low-interest rate,” Sturtevant told 8News. Finally, Sturtevant wants to incentivize employers to provide down payment assistance to employees looking to buy a home, possibly through a tax credit. “If employers can find some benefit to their bottom line of attracting and retaining their workforce, that’s a good thing for them, that’s a good thing for homebuyers,” Sturtevant said. In a statement on Sturtevant’s proposal, Senator Mamie Locke (D-Hampton), who chairs the Virginia Housing Commission, said the following: "It seems some of my colleagues across the aisle have caught a case of Democratic values—and I have to say, it’s about time. The lack of access to affordable housing is an issue I’ve fought to address for years. For too many Virginians, the path to homeownership—the cornerstone of the so-called ‘American Dream’—has become an arduous uphill battle, made even harder by the lingering effects of the COVID pandemic. I look forward to working with my colleagues to break down these barriers and create real opportunities for Virginians to achieve the stability and security that homeownership provides."
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RICHMOND, Va. (WRIC) -- Virginia Senator Glen Sturtevant (R-Colonial Heights) is proposing big changes ahead of next year’s general assembly session in an effort to make it easier for Virginians to buy a home.
“Everyone wants to own their own home, that’s the American dream,” Sturtevant told 8News.
Sturtevant’s top priority is banning large investment companies, like hedge funds, from buying single-family homes in Virginia.
According to Redfin, in the second quarter of 2024, investors -- which they define as any institution or business that purchases residential real estate -- bought one out of every six homes that were purchased in the United States. When you look at what Redfin defines as "low-priced homes," that number jumps to one in four.
“They can overpay for a house. They can outbid you on a house very very easily and what that does is if they overpay for a house in one particular area, that actually helps drive up the prices for the other homes that they already own in the same area,” Sturtevant explained.
In addition, Sturtevant is proposing legislation to allow homebuyers to inherit a seller’s mortgage if they choose.
“If you were someone who was able to buy a house or refinance your house during COVID, when rates were super low, below 3%, my bill would allow you to sell that home, but also for the buyer to assume your nice low-interest rate,” Sturtevant told 8News.
Finally, Sturtevant wants to incentivize employers to provide down payment assistance to employees looking to buy a home, possibly through a tax credit.
“If employers can find some benefit to their bottom line of attracting and retaining their workforce, that’s a good thing for them, that’s a good thing for homebuyers,” Sturtevant said.
In a statement on Sturtevant’s proposal, Senator Mamie Locke (D-Hampton), who chairs the Virginia Housing Commission, said the following:
"It seems some of my colleagues across the aisle have caught a case of Democratic values—and I have to say, it’s about time. The lack of access to affordable housing is an issue I’ve fought to address for years. For too many Virginians, the path to homeownership—the cornerstone of the so-called ‘American Dream’—has become an arduous uphill battle, made even harder by the lingering effects of the COVID pandemic. I look forward to working with my colleagues to break down these barriers and create real opportunities for Virginians to achieve the stability and security that homeownership provides."
