MN Bill Bans Corporations From Buying Homes To Rent Out

ST. PAUL, MN — A bill making its way through the Democratically-controlled Minnesota Legislature would ban corporations from buying single-family homes for the purpose of renting them out.

The ban, authored by Rep. Esther Agbaje, would also apply to real estate developers and residential building contractors.

The proposal comes as Minnesota families struggle to find affordable housing in the Twin Cities metro and across the state.

The legislation calls for the state attorney general’s office to enforce the ban. A corporation found violating the law would have one year to divest from the property. If the corporation fails to sell the property, it would be sold through the foreclosure process in court.

The bill is currently sitting with the Judiciary Finance and Civil Law committee.