WA SB5496

Business entities owning more than 50 single-family residential properties are prohibited from acquiring additional single-family homes in Washington state

Investment entities, including real estate investment trusts (REITs) and pooled investment funds, are completely barred from purchasing single-family residential properties

Exemptions apply to nonprofit organizations, entities making code-compliance modifications, those increasing housing density on a property, new construction, and lenders acquiring properties through foreclosure

Violations constitute unfair trade practices under the Consumer Protection Act, with civil penalties up to $100,000 per violation and mandatory sale of the property to an independent third party within one year

Commercial banks, savings banks, trust companies, credit unions, and other federally or state-regulated banking institutions are exempt from the restrictions