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Hedge funds defeat rental control bill

By Greg Pearson

State Senator Glen Sturtevant expressed disappointment that his bill to prevent hedge funds from buying up homes was defeated during the 2025 General Assembly session that ended in late February. His bill made it out of a study committee but “was killed” by the Senate Finance Committee even though he called it “bipartisan.”

“A lot of money was lined up against it,” he told the Brandermill Region Men’s Club (BRMC) at its March 6 meeting.

According to Sturtevant, hedge funds currently own 4,000 single-family homes in the Richmond metro and their presence continues to grow locally. The latest real estate data from Redfin reports that in the second quarter of 2024, investors bought 45% of the lower priced homes nationwide. Those residences are often starter homes for young couples and also where seniors settle as they downsize in later life.

With cash on hand, those institutional investors are spending billions to target suburban neighborhoods, preferring to purchase proprieties in specific areas to better control rental rates. Since hedge funds are buying homes with all cash purchases that had been previously owner- occupied, that creates even fewer homes for sale and drives up the cost of home purchases. Those Wall Street hedge funds see investment opportunities for their clients given the declining availability of affordable single-family homes.

In other comments, Sturtevant reported:

• For a bill that passed both the State Senate and House of Delegates that would prevent landlords from being able to ask tenants about any criminal record, he predicted it would be vetoed by Governor Glenn Youngkin.
• A bill passed by both legislative bodies legalizing marijuana retailing was also going to be vetoed by the governor.
• Sturtevant also opposes a bill that would allow county and state employees to unionize and possibly strike.
• He predicted more data centers being built throughout Virginia because they are “cash cows for local governments.” While counties like Chesterfield don’t have to build roads or schools for their support, data centers do require a lot of energy and water and can be noisy to their neighbors. Zoning requests are pending here.

Republican Sturtevant represents the 12th District, which includes much of Chesterfield County and all of Colonial Heights. He graduated from Catholic University and has his law degree from George Mason University. He serves on the Senate committees of local government, transportation and privileges and elections. He and his wife Lori have been married for 20 years and have four children – all adopted.

The BRMC meets monthly (except in July and August) at 10 am on the first Thursday of the month at the Brandermill Church. Due to the lack of local news, it opens its speaker programs to all residents of Chesterfield County.

On April 3, the Chesterfield County Planning Department will do a PowerPoint presentation of its proposed new countywide planning program with an emphasis on the Route 360 corridor.

On May 1, Deputy County Administrator Matt Harris and Budget Director Gerard Durkin will do a PowerPoint presentation on the FY26 approved budget. The Chesterfield Board of Supervisors will approve that budget by late April, which takes effect on July 1.