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RI S2902
Bill
Status
3/4/2026
Primary Sponsor
Meghan Kallman
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AI Summary
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Legal entities (non-individuals) with aggregate real property holdings exceeding $25,000,000 are prohibited from owning single-family dwellings or multi-family dwellings (2-4 units)
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Entities currently exceeding the $25 million threshold must divest their single-family and multi-family holdings over 10 years on a graduated schedule (10% in year one, increasing by 10% annually until 100% divestiture)
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Property values are calculated using municipal tax assessments, and the $25 million cap will be adjusted annually for inflation using CPI starting January 1, 2027
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Exempt entities include 501(c)(3) nonprofits focused on affordable housing, community land trusts, municipal housing authorities, and certified affordable housing providers
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Violations carry fines up to $10,000 per violation, with enforcement by the Department of Housing; the statewide rental registry must also include assessed property values and aggregate holdings
Legislative Description
Precludes a legal entity from owning property whose value is over $25,000,000. If the property value exceeds $25,000,000, then the entity must divest a graduated yearly amount over the next 10 years, until value is less than $25,000,000.
Property
Last Action
Introduced, referred to Senate Housing and Municipal Government
3/4/2026