(TheConservativeTimes.org) – A Nebraska lawmaker has pushed for a bill to be passed that would prevent corporations and hedge funds from being able to buy up single-family homes.
A Nebraska lawmaker has pushed for this after dealing with a housing shortage and if passed, the bill would make Nebraska the first state to prevent this from happening. This has been a big problem in some other states as well such as in Ohio where corporations have bought out over 150 single-family homes, oftentimes offering them a cash offer and then continuing to rent the home after the family moves out.
The Bill itself mentions that unless a corporation, business, or hedge fund is located in Nebraska, or its principal members live in Nebraska, they cannot buy single-family homes.
“The aim of this is to preserve Nebraska’s limited existing housing stock for Nebraskans. If we did this, we would be the first state in the country to take this issue seriously and address the problem,” said Senator Justin Wayne, who brought on the bill.
There is also a bill that demands hedge funds sell off any single-family homes, called the End Hedge Fund Control of American Homes Act. Until they sell them off, they will be penalized with heavy taxes, which would help people put down payments on these homes once they’re up for grabs again.
Democratic lawmakers in North Carolina, Indiana, and Minnesota have introduced similar bills recently, but the bills in these states have not been passed.
The issue with corporations buying single-family homes is not a new concept and it’s been an issue we’ve seen since the pandemic. It was previously an issue in the recession of 2008. Essentially, we’ve seen this become a bigger issue because single-family homes have been a greater investment for corporations than even bond markets.
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