Posted 3/7/2024, 9:51:33 AM
Bill Seeks to Curb Corporations Buying Up Starter Homes and Pricing Out Individual Homebuyers
- Private corporations buying up single-family houses and converting them to rentals, reducing supply of starter homes
- Bill proposed to limit corporations to 10 single-family rental homes per city
- Supporters say individual families priced out of buying market due to corporate all-cash bids
- Opponents argue restrictions reduce rental options for tenants, some homes wouldn't sell without investors
- Backers view starter home supply as social justice issue, corporations often target neighborhoods with people of color