BILL ANALYSIS Ó
SENATE COMMITTEE ON APPROPRIATIONS
Senator Ricardo Lara, Chair
2015 - 2016 Regular Session
AB 2282 (Calderon) - Rental housing: large-scale buy-to-rent
investors: data collection
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|Version: August 8, 2016 |Policy Vote: |
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|Urgency: Yes |Mandate: No |
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|Hearing Date: August 11, 2016 |Consultant: Brendan McCarthy |
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This bill meets the criteria for referral to the Suspense File.
Bill
Summary: AB 2282 would establish a taskforce within the Bureau
of Real Estate to study and report on the impact of large-scale
buy-to-rent investors on the real estate market.
Fiscal
Impact: One-time costs, likely from $150,000 to $300,000 per
year for two years to provide staff support for the taskforce,
collect required data, and draft the required report by the
Bureau of Real Estate (General Fund). The Bureau of Real Estate
is fully funded by fees assessed on licensed real estate brokers
and salespersons. Because the subject matter to be considered by
the proposed task force does not directly relate to the
licensing or regulation brokers or salespersons, it would be an
inappropriate use of license fees in the Real Estate Fund to
support the activities of the taskforce.
Background: Under current law, the Bureau of Real Estate licenses real
estate brokers and salespersons in the state. Real estate
AB 2282 (Calderon) Page 1 of
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salespersons are licensed and work under a licensed broker, who
has retains fiduciary responsibly to the client.
Proposed Law:
AB 2282 would establish a taskforce within the Bureau of Real
Estate to study and report on the impact of large-scale
buy-to-rent investors on the real estate market.
Specific provisions of the bill would:
Establish the Task Force on Institutional Investors,
within the Bureau of Real Estate;
Require the task force, under the leadership of the Real
Estate Commissioner, to examine the impacts that
large-scale buy-to-rent investors are having on the real
estate market;
Establish the membership of the task force;
Require the task force to report to the Governor and the
Legislature by July 1, 2018 with its findings;
Specify the issues that the task force must consider.
This bill is an urgency measure.
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