Virginia State Senator Glen Sturtevant (R-Midlothian) revealed on Saturday he intends to file legislation that would prohibit institutional buyers, like hedge funds and private equity groups, from purchasing single-family homes in the commonwealth.
In posts to the social media platform X, Sturtevant noted that Redfin found in August that one in six homes in the United States are purchased from such institutional buyers, and revealed that the figure increased to 11 percent of home purchases in Virginia Beach and 9 percent in Washington, D.C.
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