Minnesota housing bill stalls, corporate ownership cap questioned

MN bill meant to cap corporate home ownership stalls

A Minnesota bill aimed at limiting corporate home ownership hit a roadblock while in committee at the Minnesota State Capitol. FOX 9's Mike Manzoni has the full report. 

ST. PAUL, Minn. (FOX 9) - A bill aimed at capping the number of homes that private corporations can own in Minnesota hit a roadblock in committee on Wednesday.

Bill to limit corporate homeownership faces narrow path

What we know:

The bill seeks to prevent private corporations from owning 50 or more single-family homes. Supporters said it would reduce competition from wealthy companies, making homes more affordable for individuals and families.

During a House committee hearing on Wednesday, Republican lawmakers raised questions about how the bill would be enforced and its implications for the free market. They also expressed concerns that it might worsen affordability issues rather than solve them.

The bill needs Republican support to pass the House. Some Republican lawmakers have signaled that they either do or may support the measure.

Bill stalls amid GOP concerns

What they're saying:

"There’s a number of states that are looking at this, and they’re across the political spectrum, so it’s not – this is definitely not like a partisan issue," said State Rep. Esther Agbaje, DFL-Minneapolis, who sponsored the bill. "Folks are really looking at how can they make sure that more housing stays in the homes of individuals and families."

State Rep. Spencer Igo, R-Wabana Township, expressed skepticism, suggesting that the bill could hinder innovative solutions for affordable housing.

"For all we know, tomorrow someone’s going to discover a way to build a 1,200-square-foot house for $100,000," he said. "But then if we do this bill today, it’s illegal for them to do that and market that business plan and bring affordable homes to Minnesota."

What's next:

The bill still must clear both the House and Senate. If it is signed into law, it would take effect in August.