Minnesota lawmakers aim to restrict companies from purchasing homes and transforming them into rental properties

(St. Paul, MN) -- Minnesota lawmakers are working to restrict corporations from purchasing homes, with the goal of keeping properties open for individuals and families. 

The legislation would aim to ban corporations from purchasing single-family homes and transforming them into rental properties.The practice is taking place across the country and in Minnesota, and DFL lawmakers say it causes the loss of affordable housing, gentrification of neighborhoods, and the monopolization of property.

“Minnesota is experiencing a dire housing shortage, made all the worse by corporations snatching up what would be perfect starter homes for single families and turning them into rental properties instead,” said Rep. Michael Howard (DFL - Richfield), chair of the Housing Committee. “If we do nothing, the dream of owning your own home, and the generational wealth that comes with it, will be lost for generations of Minnesotans.

"Now is the time to take a stand and save these homes for Minnesota families, not private equity firms,” Howard continued.

The bill passed the house in an 8-5 vote, and will being referred to the Judiciary Finance and Civil Law Committee.