Bill Text: TX SB1979 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Relating to an annual study by the Texas A&M University Texas Real Estate Research Center of the purchase and sale of single-family homes by certain institutional buyers.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Vetoed) 2023-06-16 - Vetoed by the Governor [SB1979 Detail]
Download: Texas-2023-SB1979-Enrolled.html
| S.B. No. 1979 | ||
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| relating to an annual study by the Texas A&M University Texas Real | ||
| Estate Research Center of the purchase and sale of single-family | ||
| homes by certain institutional buyers. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter C, Chapter 86, Education Code, is | ||
| amended by adding Section 86.531 to read as follows: | ||
| Sec. 86.531. ANNUAL STUDY AND REPORT ON SINGLE-FAMILY HOME | ||
| PURCHASES AND SALES BY CERTAIN INSTITUTIONAL BUYERS. (a) In this | ||
| section, "institutional buyer" means a corporation, limited or | ||
| general partnership, limited liability company, business trust, | ||
| investment asset manager, real estate investment trust, joint | ||
| venture, joint stock company, or bank that purchases or acquires | ||
| for consideration 10 or more single-family homes in this state in a | ||
| calendar year. | ||
| (b) Using existing available data and deed records, the | ||
| center shall annually compile information related to institutional | ||
| buyers' purchases and sales of single-family homes in this state | ||
| for the calendar year. The information must include: | ||
| (1) the number of single-family homes purchased by | ||
| each institutional buyer in the calendar year; | ||
| (2) of the single-family homes described by | ||
| Subdivision (1), the number acquired through foreclosure; | ||
| (3) of the single-family homes described by | ||
| Subdivision (1), the number sold by each institutional buyer during | ||
| the same year; | ||
| (4) of the single-family homes described by | ||
| Subdivision (1), the number used as rental properties during the | ||
| same year; | ||
| (5) the city and county where each single-family home | ||
| described by Subdivision (1) is located and the number of homes | ||
| purchased in each city or county; and | ||
| (6) the appraised value of each single-family home | ||
| described by Subdivision (1). | ||
| (c) In addition to the information required by Subsection | ||
| (b), the center may compile additional information: | ||
| (1) at the recommendation of the legislature; or | ||
| (2) that the center determines is relevant based on | ||
| market trends. | ||
| (d) Not later than June 1 of each year, the center shall | ||
| submit a report to the lieutenant governor, the speaker of the house | ||
| of representatives, and each member of the legislature. The report | ||
| must contain: | ||
| (1) a summary of the information compiled under | ||
| Subsection (b) for the preceding calendar year; | ||
| (2) an assessment of any trends or patterns relating | ||
| to the relative number of purchases by institutional buyers, | ||
| including whether the institutional buyers fall into any readily | ||
| observable groups based on number of purchases or other appropriate | ||
| criteria; and | ||
| (3) an analysis of: | ||
| (A) the impact of institutional buyers on the | ||
| cost of housing; and | ||
| (B) the advantages, if any, that institutional | ||
| buyers have over individual buyers in the real estate market. | ||
| (e) After completing the initial report under this section, | ||
| the center may compile information from any calendar years | ||
| preceding 2023 to create and submit reports for those years that | ||
| include the information listed in Subsections (b) and (d). | ||
| SECTION 2. As soon as practicable after the effective date | ||
| of this Act, the Texas A&M University Texas Real Estate Research | ||
| Center shall take any actions necessary to prepare to implement | ||
| Section 86.531, Education Code, as added by this Act, and submit the | ||
| initial report required under Section 86.531(d), Education Code, as | ||
| added by this Act, not later than June 1, 2024. | ||
| SECTION 3. This Act takes effect September 1, 2023. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 1979 passed the Senate on | ||
| May 3, 2023, by the following vote: Yeas 29, Nays 2; and that the | ||
| Senate concurred in House amendment on May 25, 2023, by the | ||
| following vote: Yeas 29, Nays 2. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 1979 passed the House, with | ||
| amendment, on May 22, 2023, by the following vote: Yeas 142, | ||
| Nays 4, one present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
