State Rep. Karl Bohnak today celebrated final legislative approval of his plan to protect Michigan families from being priced out of the housing market by preventing the largest corporations from buying up single-family homes in bulk.
“Across Michigan, people are working hard, saving for a down payment, and dreaming about owning a home of their own,” said Bohnak, R-Deerton. “Too often, they’re finding themselves up against big business with deep pockets and all-cash offers they simply can’t compete with. That isn’t right. This plan helps level the playing field so more Michigan families have a fair shot at achieving the American dream of homeownership.”
Across the state, large corporations have increasingly purchased single-family homes in bulk, shrinking the supply of available homes and driving up prices for families, first-time homebuyers, and retirees looking to downsize.
House Bill 6074 would prohibit corporations that already own more than 100 single-family homes from purchasing additional single-family homes in Michigan, helping preserve more homeownership opportunities for Michigan residents.
Bohnak introduced the legislation after making housing affordability and protecting homeownership opportunities a top legislative priority, particularly as communities throughout the Upper Peninsula continue to face a shortage of available housing.
“In the Upper Peninsula, we want our young people to have every reason to stay, build a career, and raise a family close to home,” Bohnak said. “That starts with making sure there are homes available for them when they’re ready to put down roots. This legislation helps keep more of those homes in the hands of Michigan families instead of big business.”
Bohnak’s plan received overwhelming bipartisan approval in the House and Senate and now heads to the governor for her signature.
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