Senator Vince Polistina renewed his call on Apr. 28 for the passage of legislation that would limit institutional investors from buying single-family homes in New Jersey, following a recent executive order by the Governor aimed at addressing the state’s housing crisis.
The issue is important because many families in New Jersey face challenges when competing with large corporate landlords for homeownership opportunities. Polistina said that his bill, S-3942, would help make housing more affordable and accessible for residents.
“In light of the Governor’s executive order to address New Jersey’s housing crisis, I am renewing my call for immediate passage of my legislation to stop certain institutional investors from buying up single-family homes across our state,” said Sen. Polistina. “Families should not have to compete with large corporate landlords armed with deep pockets when trying to achieve the dream of homeownership. If we are serious about making housing more affordable and accessible, we must protect opportunities for New Jersey residents to buy homes and build roots in their communities.”
The proposed bill would prohibit institutional investors from bidding on or purchasing a single-family home during the first 75 days it is listed on the market and available for purchase as defined by the legislation.
While Senator Anthony M. Bucco is not directly involved in this specific bill, he provides constituent services through a district office and email according to the official website according to the official website. Bucco also serves as a member of both the Senate Judiciary Committee and Senate Budget and Appropriations Committee according to the official website. He engages in legislative work such as sponsoring bills and contributing to committee discussions according to the official website.
Bucco holds leadership positions including Senate Republican Leader, chairs the Senate Judiciary Committee, and serves on key committees according to the official website. He represents New Jersey’s 25th Legislative District in these roles according to the official website.
