CA AB2283

Requires the State Teachers' Retirement System (STRS) Board and Public Employees' Retirement System (PERS) Board to evaluate securitized home rental property investments before making new investments or reinvesting in existing ones.

Mandates boards ensure property management groups comply with fair housing laws prohibiting discrimination based on race, national origin, sex, familial composition, or disability.

Requires boards to verify rents remain affordable and consistent with surrounding market rates, lawful eviction procedures are followed, and properties are adequately maintained.

Requires each board to appoint an independent ombudsman to oversee and enforce these investment evaluation requirements.

Applies only to single-family homes in California used as rental properties that are aggregated into publicly traded investment products, and requires actions be consistent with boards' fiduciary duties.