Bill to limit corporate ownership of SFH for rental
Posted: February 16th, 2023, 1:36 pm
HF 685 is being drafted right now in the MN House with the following description:
"Corporate entities, developers, and contractors prohibited from converting single-family home into rental property unit."
https://www.revisor.mn.gov/bills/bill.p ... n=0&y=2023
It sounds like corporations might still be able to buy and rent though as long as it can be classified as affordable housing.
This could have significant implications for MN housing market.
It would likely prevent things like this from happening (free article preview description should provide enough details):
https://www.bizjournals.com/twincities/ ... polis.html
It would also affect a lot of smaller businesses though. For example, in the Marcy Holmes neighborhood in Minneapolis, 82% of the homes are renter occupied and most of the neighborhood is SFH. Lots of college students prefer SFH over apartments. The law does not seem to apply to duplexes/triplexes but there are still plenty of SFH near the U of MN.
"Corporate entities, developers, and contractors prohibited from converting single-family home into rental property unit."
https://www.revisor.mn.gov/bills/bill.p ... n=0&y=2023
It sounds like corporations might still be able to buy and rent though as long as it can be classified as affordable housing.
This could have significant implications for MN housing market.
It would likely prevent things like this from happening (free article preview description should provide enough details):
https://www.bizjournals.com/twincities/ ... polis.html
It would also affect a lot of smaller businesses though. For example, in the Marcy Holmes neighborhood in Minneapolis, 82% of the homes are renter occupied and most of the neighborhood is SFH. Lots of college students prefer SFH over apartments. The law does not seem to apply to duplexes/triplexes but there are still plenty of SFH near the U of MN.