Sen. Sherrod Brown proposes bill to curb investment firms buying up single family homes

[irisblue]

Source--https://news.wosu.org/2023-07-31/sherrod-brown-bill-investment-firms-single-family-homes

snip--"There are a lot of factors at play in that, but leaders and community groups say one major reason involves large investment companies buying up affordable single-family homes — eating up inventory for first-time buyers — while sometimes raising rents for tenants and neglecting maintenance.

Major Ohio cities like Columbus, Cleveland and Cincinnati have seen real estate investment trusts buy up large numbers of single family homes in recent years. Data from the Pew Research Group suggests investors bought 33,000 homes across the state in 2021 alone — 21% of Ohio home sales that year."

snip--"But a bill by U.S. Sen. Sherrod Brown (D-OH), called the "Stop Predatory Investing Act," would block federal tax breaks on interest and depreciation for companies that own 50 or more single-family rental homes"



snip--"Brown said the move would make it less profitable for large-scale investors to buy up big numbers of homes and make money on them without doing maintenance. Rental homes already owned by companies, newly constructed houses and those using Low Income Housing Tax Credits would be exempt."


more there.