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AN ACT
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relating to an annual study by the Texas A&M University Texas Real |
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Estate Research Center of the purchase and sale of single-family |
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homes by certain institutional buyers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 86, Education Code, is |
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amended by adding Section 86.531 to read as follows: |
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Sec. 86.531. ANNUAL STUDY AND REPORT ON SINGLE-FAMILY HOME |
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PURCHASES AND SALES BY CERTAIN INSTITUTIONAL BUYERS. (a) In this |
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section, "institutional buyer" means a corporation, limited or |
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general partnership, limited liability company, business trust, |
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investment asset manager, real estate investment trust, joint |
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venture, joint stock company, or bank that purchases or acquires |
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for consideration 10 or more single-family homes in this state in a |
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calendar year. |
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(b) Using existing available data and deed records, the |
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center shall annually compile information related to institutional |
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buyers' purchases and sales of single-family homes in this state |
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for the calendar year. The information must include: |
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(1) the number of single-family homes purchased by |
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each institutional buyer in the calendar year; |
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(2) of the single-family homes described by |
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Subdivision (1), the number acquired through foreclosure; |
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(3) of the single-family homes described by |
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Subdivision (1), the number sold by each institutional buyer during |
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the same year; |
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(4) of the single-family homes described by |
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Subdivision (1), the number used as rental properties during the |
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same year; |
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(5) the city and county where each single-family home |
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described by Subdivision (1) is located and the number of homes |
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purchased in each city or county; and |
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(6) the appraised value of each single-family home |
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described by Subdivision (1). |
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(c) In addition to the information required by Subsection |
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(b), the center may compile additional information: |
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(1) at the recommendation of the legislature; or |
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(2) that the center determines is relevant based on |
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market trends. |
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(d) Not later than June 1 of each year, the center shall |
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submit a report to the lieutenant governor, the speaker of the house |
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of representatives, and each member of the legislature. The report |
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must contain: |
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(1) a summary of the information compiled under |
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Subsection (b) for the preceding calendar year; |
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(2) an assessment of any trends or patterns relating |
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to the relative number of purchases by institutional buyers, |
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including whether the institutional buyers fall into any readily |
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observable groups based on number of purchases or other appropriate |
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criteria; and |
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(3) an analysis of: |
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(A) the impact of institutional buyers on the |
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cost of housing; and |
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(B) the advantages, if any, that institutional |
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buyers have over individual buyers in the real estate market. |
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(e) After completing the initial report under this section, |
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the center may compile information from any calendar years |
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preceding 2023 to create and submit reports for those years that |
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include the information listed in Subsections (b) and (d). |
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SECTION 2. As soon as practicable after the effective date |
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of this Act, the Texas A&M University Texas Real Estate Research |
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Center shall take any actions necessary to prepare to implement |
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Section 86.531, Education Code, as added by this Act, and submit the |
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initial report required under Section 86.531(d), Education Code, as |
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added by this Act, not later than June 1, 2024. |
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SECTION 3. This Act takes effect September 1, 2023. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1979 passed the Senate on |
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May 3, 2023, by the following vote: Yeas 29, Nays 2; and that the |
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Senate concurred in House amendment on May 25, 2023, by the |
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following vote: Yeas 29, Nays 2. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1979 passed the House, with |
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amendment, on May 22, 2023, by the following vote: Yeas 142, |
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Nays 4, one present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |