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NJ S3942
Bill
Status
Introduced
3/12/2026
Primary Sponsor
Vincent Polistina
Click for details
AI Summary
- Institutional investors cannot bid on or purchase single-family homes (1-4 units, including townhomes) in New Jersey during the first 75 days a property is listed on the market
- Small institutional investors owning 20 or fewer single-family homes are exempt, as are nonprofits providing affordable housing, family trusts, family LLCs, government authorities, and financial institutions acquiring properties through foreclosure
- Violators must sell the property within six months, forfeit all profits to the Attorney General, and pay civil penalties of $20,000-$40,000 per violation plus fees
- All institutional investors must submit annual reports to the Division of Taxation detailing the number of single-family homes bid on or purchased in the previous tax year
- Individuals adversely affected by violations may file complaints within 24 months to recover a share of $20,000 plus attorney's fees and court costs
Legislative Description
Restricts purchase of single-family homes by certain institutional investors.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
3/12/2026
Committee Referrals
Community and Urban Affairs3/12/2026
Full Bill Text
No bill text available