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AB-354 Institutional investors: housing.(2017-2018)

Bill Status
Calderon (A)
Institutional investors: housing.
An act to add Division 21 (commencing with Section 60000) to the Financial Code, relating to housing investors.

Type of Measure
Inactive Bill - Vetoed
Majority Vote Required
Fiscal Committee
Non-State-Mandated Local Program
Non-Tax levy
Last 5 History Actions
Date Action
09/27/18 Vetoed by Governor.
09/10/18 Enrolled and presented to the Governor at 3:30 p.m.
08/30/18 Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 56. Noes 23. Page 6987.).
08/29/18 In Assembly. Concurrence in Senate amendments pending.
08/29/18 Read third time. Passed. Ordered to the Assembly. (Ayes 25. Noes 14. Page 5963.).
Governor's Veto Message
To the Members of the California State Assembly:

I am returning Assembly Bill 354 without my signature.

This bill requires institutional investors that own more than one hundred single-family homes to register with the Department of Business Oversight by July 1, 2019 and for the Department to collect information about renters and private sales.

This bill is beyond the expertise and jurisdiction of the Department of Business Oversight. Even if the Department collected all the information about institutional investors, the number of renters living in the investor owned properties and private sales to existing tenants, collecting the data would not stop the purchase of these homes by private investors.


Edmund G. Brown Jr.