Precludes a legal entity from owning property whose value is over $25,000,000. If the property value exceeds $25,000,000, then the entity must divest a graduated yearly amount over the next 10 years, until value is less than $25,000,000.

Rhode Island Bill Summary: Limits on Corporate Property Ownership

This bill would set a $25 million cap on how much real estate any legal entity — such as a corporation, LLC, or other business organization — can own in Rhode Island. Once a business's property holdings exceed that value, it would no longer be allowed to acquire additional real estate. Individual people would not be affected by this rule; it applies only to businesses and organizations.

For legal entities that already own more than $25 million worth of property when this law takes effect, the bill does not require them to sell everything at once. Instead, they would be given a 10-year window to gradually reduce their holdings through a step-by-step, yearly divestment schedule until their total property value falls below the $25 million threshold. The gradual approach is designed to avoid flooding the real estate market with forced sales all at once.

This bill would most directly affect large corporations, investment firms, real estate companies, and institutional property owners that hold significant amounts of land or buildings in Rhode Island. Supporters of similar policies often argue they can help prevent large entities from dominating local housing and land markets, while critics sometimes raise concerns about impacts on business investment and property values. The bill has been referred to the Senate Housing and Municipal Government Committee, where it will be reviewed before any further action is taken.