State Rep. Karl Bohnak today announced his plan to protect the availability of single-family homes by prohibiting large corporations from purchasing the properties. House Bill 6074 would prevent the largest corporations – companies that already own a significant number of properties – from purchasing additional single-family homes, ensuring that these properties remain on the market for families looking to call Michigan home.

“Communities across Michigan are working through a housing crisis, and the U.P. is right in the thick of the mess,” said Bohnak, R-Deerton. “Everyone from young families to new retirees are struggling through the homebuying process. Home prices are out of control, and our housing inventory has been decimated. No one proposal can fix the crisis, but we can start by prohibiting massive corporations from elbowing normal people out of homebuying.

“My legislation could not be clearer: corporations will no longer take advantage of our broken housing system for their own gain. By stopping these predatory practices, we’re ensuring that single-family homes on the market are available for the people who need them.”

Earlier this spring, Northern Michigan University hosted the U.P.’s first ever housing solutions summit. At the event, local leaders joined developers, financial partners, and employers to discuss the housing crisis. One of the big takeaways from the event was the sheer lack of housing inventory in the U.P., leaving families with few options for homebuying.

“It’s abundantly clear, especially in the U.P., that Michigan does not have anywhere near an adequate housing inventory,” Bohnak said. “There are so many people working on this issue, especially on ways we can rebuild our obsolete inventory. While that work is ongoing, we can start by ensuring the houses on the market are being bought by families and others who want to call Michigan home. We cannot continue to let huge corporations use our vulnerable state as their own perverse investment opportunity.”

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