Housing - As introduced, enacts the "Homes not Hedge Funds Act"; prohibits certain business entities from purchasing more than 100 single-family homes in certain counties in this state for purposes of renting the purchased properties; establishes a state and private cause of action and establishes damages for violations. - Amends TCA Title 13; Title 47 and Title 66.

SB 242, the "Homes not Hedge Funds Act," prohibits business entities (including hedge funds and large property companies) from purchasing more than 100 single-family homes in qualifying Tennessee counties (those with over 150,000 residents per the 2020 census) for rental purposes. The bill creates a legal cause of action for the state attorney general or affected individuals to sue violators, with penalties up to $100 per day per home and potential damages. It directly affects large-scale property investors operating in high-population counties, aiming to preserve homeownership opportunities by limiting bulk rentals. The law does not apply to homes purchased for personal residence or to governmental entities.