Bill Text: MI HB5928 | 2025-2026 | 103rd Legislature | Introduced
Bill Title: Property: land sales; purchase of residential property by certain businesses; prohibit. Creates new act. TIE BAR WITH: HB 5929'26
Sponsorship: Partisan Bill (Democrat 7)
Status: (Introduced) 2026-05-12 - Bill Electronically Reproduced 04/30/2026 [HB5928 Detail]
Download: Michigan-2025-HB5928-Introduced.html
HOUSE BILL NO. 5928
A bill to prohibit certain companies from acquiring or purchasing certain residential property; to provide for the powers and duties of certain state officers and entities; and to prescribe certain penalties, civil sanctions, and remedies.
the people of the state of michigan enact:
Sec. 1. This act may be cited as the "homes are for people act".
(a) "Hedge fund" means a corporation, limited liability company, partnership, association, trust, or other organization or enterprise to which all of the following apply:
(i) The organization manages funds pooled from investors and is a fiduciary with respect to the investors.
(ii) The organization has $50,000,000.00 or more in net value or assets under management.
(iii) The organization is not an organization that is described in section 501(c)(3) of the internal revenue code of 1986, 26 USC 501, that is exempt under section 501(a) of the internal revenue code of 1986, 26 USC 501.
(b) "Single-family home" means a residential property located in this state that consists of 1 to 4 dwelling units. Single-family home does not include any of the following:
(i) A residential property that is unoccupied and is acquired through foreclosure.
(ii) A residential property that meets both of the following requirements:
(A) Is not rented or leased.
(B) Is used as the principal residence within the meaning of section 121 of the internal revenue code of 1986, 26 USC 121, of an individual who has an ownership interest in the applicable taxpayer.
(iii) A residential property constructed, acquired, or operated with money appropriated by the federal government.
Sec. 5. (1) A hedge fund shall not own, acquire, or purchase, in whole or in part, a single-family home in this state.
(2) A hedge fund that owns a single-family home on the effective date of this act may continue to own the single-family home.
(3) An ownership interest in a single-family home that is acquired, purchased, or owned in violation of this section is subject to forfeiture under chapter 47 of the revised judicature act of 1961, 1961 PA 236, MCL 600.4701 to 600.4710.
Enacting section 1. This act does not take effect unless Senate Bill No. ____ (request no. S03816'25) or House Bill No. 5929 (request no. H03816'25) of the 103rd Legislature is enacted into law.
