Ann Arbor State Representative Jason Morgan wants to stop what he calls predatory home purchases in Michigan.
The series of bills are aimed at stopping private equity firms, Wall Street investors and hedge funds from buying up homes in the state. They include adding a surtax on large investors who purchase houses in bulk.
Morgan says the massive buying drives up housing costs for millions of Michiganders.
“They’re buying up a bunch of housing in bulk and then either flipping it and charging a lot more or raising the rent, sometimes 30-40%, on the existing residents in rental housing just because they can.”
The bills also would require investors to disclose who owns the properties to show if shell companies are trying to hide large-scale activities.
All three bills have been referred to the Government Operations Committee.
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