State Rep. Karl Bohnak today championed the passage of his plan to protect Michigan’s housing market from mass corporate ownership of single-family homes, a practice that drives up housing costs and decimates available inventory. The legislation bars big corporations from buying up single-family homes in large quantities, ensuring the properties remain available to working-class residents trying to call Michigan home.

“My housing plan will help protect the path to homeownership for working families,” said Bohnak, R-Deerton. “It stares down corporate greed by blocking big business from invading Michigan’s housing market armed with buying power no average person could compete with. Single-family homes should be purchased by families, not out-of-state billionaires who see our communities as nothing more than dollar signs.”

One of the biggest factors contributing to the ongoing housing crisis in Michigan is the prominence of corporate ownership throughout Michigan. Far too often, giant companies snatch up single-family homes to boost their own bottom lines, taking the chance of homeownership away from working class people who can’t compete with the aggressive all-cash offers made by huge companies.

“There are so many people, young and old, who are struggling to find homes right now. Whether it’s a new teacher fresh out of college or a recent retiree looking to downsize, flexible homeownership options just aren’t there,” Bohnak said. “My plan alone will not fix this crisis, but by ensuring giant corporations aren’t monopolizing a huge chunk of our housing inventory, we can protect the single-family homes we already have.”

Bohnak’s House Bill 6074 would prevent the largest corporations – companies that already own more than 100 similar properties – from purchasing additional single-family homes, ensuring that these properties remain on the market for families looking to call Michigan home.

The legislation now moves to the state Senate for further consideration.

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