A Closer Look at Oregon’s 2024 Proposed Real Estate Legislation
The 2024 Oregon Legislative Session brings with it proposed bills—HB 4058 and SB 1537—that may interest small investors and landlords in the state’s real estate sector. While these bills suggest changes, their direct impact on the market and individual investors requires a nuanced understanding.
HB 4058 not only seeks to regulate the wholesaling market but also imposes mandatory written agreements for transactions, ensuring transparency and accountability. This move could level the playing field for smaller investors by mitigating the risks associated with opaque wholesaling practices and ensuring fairer, more transparent dealings. Furthermore, the requirement for registration and background checks could deter unscrupulous operators, creating a more reliable and professional market environment.
SB 1537 aims to address housing shortages by facilitating the development of affordable housing. The establishment of the Housing Accountability and Production Office (HAPO) and incentives for developers present an opportunity, albeit one that comes with its own set of challenges and considerations. For small investors, the promise of financial incentives and support for engaging in the affordable housing market is an encouraging sign, though the practical implications will depend on the specifics of the bill’s implementation and the available resources for small-scale developers.
Engage with Your Legislators
The evolving legislative landscape in Oregon presents a pivotal moment for real estate investors, especially the smaller ones looking to make a meaningful impact in the housing market. However, the final form and impact of these bills will depend on the legislative process and the feedback from stakeholders like you.
We encourage all investors, landlords, and interested parties to engage with the process by providing comments and feedback to state legislators. Your insights and experiences can help shape policies that are equitable, effective, and conducive to fostering a vibrant real estate market in Oregon. Reach out to your state representatives, participate in public testimony sessions, and make your voice heard. Together, we can contribute to a legislative environment that supports growth, fairness, and innovation in Oregon’s real estate sector.
Another option to stay in the loop and have someone in “your” corner is to join industry associations that work to keep members informed and lobby on behalf of your interests. There are a couple organizations that do this for landlords in Oregon: the Oregon Rental Housing Association (and it’s chapters) and MultiFamily Northwest (https://www.multifamilynw.org/). I am personally a member of the ORHA chapter locally, the Linn-Benton Rental Housing Association, and I’m continually impressed by the value of my membership. They provide wonderful classes, a helpline, email updates, and rental forms. You can join at https://www.lbrha.com/
Remember, involvement in the legislative process not only allows you to advocate for your interests but also to stay ahead of regulatory changes, ensuring that you can adapt and thrive in Oregon’s dynamic real estate market.