Did you feel it? HB 1250 has been approved by the Virginia General Assembly. And with it, a major shift has occurred in the law of vested rights.
Vested rights is a legal principle arising from common law under which a developer can acquire the property right to develop a specific project despite a change in zoning which would no longer allow the project.
In 1998, when codifying the common law of vested rights in Virginia Code § 15.2-2307, the General Assembly listed certain governmental approvals that were “deemed” to be “significant affirmative governmental acts allowing development of a specific project.”
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