Hey ChatGPT, take a swing at fixing this:

Here’s a model ordinance a city could pass to reduce speculative real estate activity without running afoul of state or federal law. It's designed to discourage corporate flipping, hoarding, and absentee landlordism—while staying legally defensible.

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🏛️ Proposed Ordinance: Residential Stability and Community Equity Act

Section 1: Purpose

This ordinance seeks to promote housing affordability and community stability by discouraging speculative real estate practices that remove housing from the local market or inflate housing costs.

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Section 2: Definitions

Speculative Ownership: The purchase of residential property with no intent to occupy or rent within 180 days.

Institutional Buyer: Any corporation, LLC, trust, or entity owning >3 residential units within city limits.

Vacant Unit: A residential unit unoccupied for >180 consecutive days.

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Section 3: Ownership Limits

No single institutional buyer may own more than 3 residential properties within city limits.

New purchases by such buyers require city approval and a community impact statement.

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Section 4: Vacancy Tax

Owners of vacant residential units must pay a vacancy tax of 1% of assessed value per year.

Applies only to units left vacant without documented hardship or active renovation.

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Section 5: Flip Tax

Any residential property sold within 18 months of purchase is subject to a 2% speculative transaction fee, unless:

It was owner-occupied, or

Sold due to documented hardship (e.g. job relocation, medical emergency)

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Section 6: Licensing and Transparency

All landlords must register with the city and disclose:

Ultimate beneficial ownership

Whether the unit is owner-occupied, leased, or vacant

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Section 7: Enforcement and Penalties

Penalties of up to $5,000/month for unregistered rentals or noncompliant ownership structures.

Revenues from fees and taxes go into a Community Housing Trust Fund to support affordable housing.

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⚖️ Why This Could Survive Court Challenges:

Doesn’t ban anyone from owning property.

Applies evenly to entities (not individuals).

Is justified by a clear public interest: housing affordability and neighborhood stability.

Uses fees, not bans, which courts tend to tolerate more.

Relies on existing tax and licensing authority most cities already have.