Nebraska lawmaker seeks to ban corporations from buying up single-family homes
A Nebraska lawmaker is pushing a bill to forbid out-of-state hedge funds and other corporate entities from buying up single-family properties
A Nebraska lawmaker whose north Omaha district has struggled for years with a housing shortage is pushing a bill that, if passed, could make Nebraska the first in the country to forbid out-of-state hedge funds and other corporate entities from buying up single-family properties.
Sen. Justin Wayne’s bill echoes legislative efforts in other states and in Congress to curtail corporate amassing of single-family homes, which critics say has helped cause the price of homes, rent and real estate taxes to soar in recent years. Wayne said that has been the case in his district, where an Ohio corporation has bought more than 150 single-family homes in recent years — often pushing out individual homebuyers with all-cash offers. The company then rents out the homes.
Experts say the scarcity of homes for purchase can be blamed on a multitude of factors, including sky-high mortgage interest rates and years of underbuilding modest homes.
Wayne's bill offers few specifics. It consists of a single sentence that says a corporation, hedge fund or other business may not buy purchase single-family housing in Nebraska unless it's located in and its principal members live in Nebraska.
“The aim of this is to preserve Nebraska's limited existing housing stock for Nebraskans,” Wayne said this week at a committee hearing where he presented the bill. “If we did this, we would be the first state in the country to take this issue seriously and address the problem.”
A 14-page bill dubbed the End Hedge Fund Control of American Homes Act has been introduced in both chambers of Congress and would impose a 10-year
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