The New Hampshire House Committee on Housing convened on January 28, 2025, to discuss House Bill 623, aimed at curbing corporate purchases of single-family homes. The bill seeks to prevent corporations from outbidding families in the housing market, a growing concern highlighted by personal testimonies from committee members.

Representative Murray shared her own experience of nearly becoming homeless after being outbid by corporations while searching for a home in Manchester. She noted that these corporate buyers often make cash offers that are difficult for families to compete against, exacerbating the housing crisis. The bill proposes a 90-day waiting period before corporations can purchase homes, allowing families a chance to buy before investors swoop in.

The meeting revealed a significant increase in corporate investment in residential real estate, with institutional investors accounting for nearly 30% of single-family home sales by 2022, up from 16% just three years prior. This trend has raised concerns about the impact on homeownership and affordability, with some estimates suggesting that institutional investors have deprived potential homeowners of billions in equity.

Several committee members expressed support for the bill, emphasizing the need to protect families and maintain the American dream of homeownership. However, there were also concerns about the bill's potential constitutional issues and its implications for housing development. Critics argued that the legislation could discourage investment in affordable housing and complicate the purchasing process for individuals using trusts or LLCs for estate planning.

The committee discussed the broader context of the housing market, including the effects of the COVID-19 pandemic and rising interest rates, which have contributed to inflated home prices. Some members suggested that the focus should also be on increasing housing supply rather than solely restricting corporate purchases.

As the meeting concluded, the committee acknowledged the complexity of the housing crisis and the need for further study and discussion on the issue. The bill's future remains uncertain as lawmakers weigh the potential benefits of protecting homebuyers against the risks of stifling housing development in New Hampshire.