Michigan Governor Gretchen Whitmer has signed legislation limiting large investment firms from purchasing single-family homes in the state. The new law prevents corporations from owning or renting more than 100 single-family homes in Michigan, a threshold lower than the federal limit of 350 homes nationwide.
Supporters and Critics Weigh In
Supporters of the measure argue it will keep more homes available for Michigan residents by limiting competition from large institutional investors during a time of housing affordability concerns. However, critics argue that large investors have not been a significant driver of Michigan’s housing challenges compared to other states.
Amy Hovey, executive director of the Michigan State Housing Development Authority, stated that private equity ownership of homes is not a major issue in the state. The legislation is part of a broader effort by state and federal officials to address housing costs and increase homeownership opportunities.
Original reporting: WOWO News/Talk (Fort Wayne) — read the source article.
