IL SB3501

Creates the Restock the Block Act imposing an annual fee of 10% of property value on institutional real estate investors for residential properties owned beyond 10 single-family homes or 8 multi-family homes

Defines "institutional real estate investor" as entities owning 10+ single-family or 8+ multi-family homes, managing pooled investor funds as a fiduciary, and having $30 million or more in net value or assets under management

Prohibits covered entities from purchasing residential property until it has been publicly listed for at least 90 days, with the waiting period restarting if the asking price changes

Violations of the 90-day waiting period may result in civil penalties up to $250,000, while failure to disclose covered entity status or file required forms carries penalties up to $10,000

Fee revenue and penalties are deposited into the Illinois Affordable Housing Trust Fund to support public housing projects, developments, and rental and mortgage assistance