Texas Senate Bill SB47

Texas 2023 - 88th 3rd C.S.

• Filed: 10/9/23

Caption

Relating to an annual study by the Texas A&M University Texas Real Estate Research Center of the purchase and sale of single-family homes by certain institutional buyers.

Impact

The bill aims to fill a crucial knowledge gap regarding the influence of institutional buyers on the state’s housing sector. It seeks to track key variables such as the number of homes bought and sold, foreclosure acquisitions, and properties utilized as rentals. By analyzing the collected data, the state hopes to better understand how these entities might affect housing costs and availability, potentially leading to informed policy decisions in the future. This could have broader implications on housing affordability and access for average homebuyers in Texas.

Summary

SB47 is a legislative measure proposing the establishment of an annual study conducted by the Texas A&M University Texas Real Estate Research Center focusing on the purchase and sale dynamics of single-family homes by institutional buyers. The bill defines institutional buyers as entities purchasing 10 or more homes in a calendar year and mandates the compilation of relevant data regarding these transactions. The annual reports are intended to present insights into market trends and the activities of institutional buyers in the Texas housing market.

Sentiment

The sentiment surrounding SB47 appears to be mostly favorable with a recognition of the need for more transparency and understanding of institutional impacts on the housing market. Legislators and stakeholders who support the bill argue that it addresses a critical aspect of the real estate landscape that has evolved with an influx of corporate buyers. However, there may be concerns regarding the effectiveness of the data collected in fully capturing the nuanced effects of these buyers on local housing markets.

Contention

One notable point of contention could stem from concerns about data privacy and the potential misuse of the information collected. Critics might argue that focusing on institutional buyers may overlook the needs and concerns of individual buyers and local communities. Additionally, the requirement for annual reporting may impose new burdens on the Texas A&M University Texas Real Estate Research Center, raising questions about funding and resources necessary to conduct these studies effectively.

Texas Constitutional Statutes Affected

Education Code

• Chapter 86. Texas A & M University
  • Section: New Section