Rhode Island 2026 Regular Session

Rhode Island Senate Bill S2902

Introduced
3/4/26  

Caption

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.

Impact

The bill is poised to create significant changes in how real estate investments are managed within the state. It mandates that any affected legal entity must divest gradually over a period of ten years until their holdings fall below the $25 million threshold. The proposed gradual divestment schedule requires entities to limit their holdings by incrementally selling off portions of their properties over successive taxable years, which could result in a significant shift in the ownership landscape of residential properties. This change aims to promote a more localized and equitable housing market by reducing the prevalence of large corporate landlords.

Summary

S2902, introduced in the Rhode Island General Assembly, seeks to address the control of real estate holdings by legal entities. The bill specifically prohibits any legal entity that is not an individual from owning single-family or multi-family dwellings if the aggregate value of their real estate holdings exceeds $25 million. This legislative action is aimed at mitigating the effects of large-scale corporate ownership in the housing market, particularly in the context of rising property values and housing affordability challenges. The intent is to ensure that individuals and families have access to affordable housing by restricting the property acquisitions of large investment entities.

Contention

There may be notable points of contention surrounding S2902, particularly regarding its impact on property market dynamics and investment strategies. Supporters of the bill argue that it will help maintain affordable housing levels and curb excessive market domination by large entities, which is seen as a growing concern in many urban areas. However, opponents may contend that such restrictions could discourage investment and limit financial opportunities for those who engage in real estate business, potentially resulting in adverse economic effects. The balance between fostering investment and ensuring housing accessibility will likely be a key theme in discussions about the bill's implications.

Companion Bills

No companion bills found.

Previously Filed As

RI S0489

Precludes any legal entity from possessing, controlling or otherwise claiming legal title to real property exceeding an aggregate value of twenty-five million dollars ($25,000,000) in single-family dwellings or multi-family dwellings.

RI S0451

Exempts the sale of Bitcoin from state income tax, if such sale is valued at less than one thousand dollars ($1,000).

RI S0437

Imposes a non-owner occupied property tax on residential properties assessed in excess of eight hundred thousand dollars ($800,000) at variable rates dependent on values assessed by local tax assessors.

RI H6189

Imposes a non-owner occupied property tax on residential properties assessed in excess of eight hundred thousand dollars ($800,000) at variable rates dependent on values assessed by local tax assessors.

RI H5698

Establishes the assessed value of owner-occupied low- and moderate-income housing as the most recent sales price of the property.

RI S0499

Establishes the assessed value of owner-occupied low- and moderate-income housing as the most recent sales price of the property.

RI S1122

Authorizes the town of Smithfield to set rates that more closely relate to the changes in values and ensure that the tax classification system creates fair and equitable taxation between residential and commercial property.

RI H6395

Authorizes the town of Smithfield to set rates that more closely relate to the changes in values and ensure that the tax classification system creates fair and equitable taxation between residential and commercial property.

RI H5308

Permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties, and also provides that municipalities that grant greater exemptions not be limited by this section.

RI S0927

Increases, for persons subject to the Code of Ethics, the maximum value of an acceptable gift to $50.00 from a single interested person, but in no case can the gift have an aggregate value of more than $250 in any calendar year.

Similar Bills

No similar bills found.