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Does your HOA allow multiple investors… and short term rentals (STRs)?



 


Is your HOA allowing multiple or “too many” short term rentals (STR’s) or investor-owned properties?


Assembly Bill 2584 prohibits companies that have a financial interest in more than 1,000 single-family residential properties from purchasing, acquiring, or otherwise obtaining an interest in another single-family residential property and subsequently leasing the property. 


The bill would authorize the Attorney General to bring a civil action for a violation of these provisions, and requires a court to levy a penalty of $100,000 for each violation. The bill also requires the  business entity to sell the property to an independent third party within one year of the date that the court enters judgment. 


It is likely that this measure will encounter significant lobbying both for and against it. 


HOALAWS will monitor and report on the bill’s movement… if any.




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