Senator Vince Polistina renewed his call on Apr. 28 for the passage of legislation aimed at restricting institutional investors from purchasing single-family homes in New Jersey, following a recent executive order signed by the Governor to address the state’s housing crisis.
The proposed bill, S-3942, seeks to make housing more accessible and affordable for New Jersey residents by preventing large corporate landlords from outbidding families seeking homeownership. Polistina said families should not have to compete with institutional investors who have significant financial resources when trying to buy a home.
“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,” Polistina said. “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 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 within the legislation.
According to the official website, Bucco provides constituent services through a district office and email for legislative inquiries. The same source reports that Bucco serves as a member of both the Senate Judiciary Committee and Senate Budget and Appropriations Committee. Bucco also engages in legislative work such as sponsoring bills and contributing in committee discussions on state issues according to this official website. Additionally, Bucco holds leadership roles including Senate Republican Leader and chairing key committees such as Judiciary according to information provided by his official profile.
While Polistina’s proposal responds directly to concerns about corporate influence in residential real estate markets, broader discussions continue among lawmakers regarding long-term solutions for affordability and access.
