New Michigan Law Blocks Large Corporate Homebuyers

Michigan Gov. Gretchen Whitmer has signed a spate of bills aimed to boost the state's housing supply, including a ban on large investors from buying single-family homes and reforms to zoning and building codes.The governor late last week approved several housing measures, including a new housing tax credit, a $50 million investment in the state's housing fund, rollbacks of some laws, and a ban on institutional homeowners that is even tougher than a recent federal ban.The spate of new tax reforms comes as Michigan lawmakers approved a new budget for the coming fiscal year, but also as affordability is front of mind locally and nationally."Every Michigander deserves an affordable, quality place to call home,” Whitmer said in a statement. “I’m proud to sign these bills that cut red tape, lower housing costs, and expand our housing stock available to working families looking to put down roots."Michigan rolled out a statewide housing plan in 2022, and Whitmer and other lawmakers have targeted "nonsensical" building policies and rules since then. This year it set a goal of adding 115,000 new or rehabilitated units to the state's housing stock.The state-by-state housing affordability repo...