Property: land sales; purchase of residential property by certain businesses; prohibit. Creates new act. TIE BAR WITH: HB 5929'26

This bill, titled the "Homes Are for People Act," prohibits hedge funds from purchasing or owning single-family homes in Michigan. It defines a hedge fund as an organization managing at least $50 million in assets and a single-family home as a property with one to four units that is not a vacant foreclosure or a government-funded project. While new purchases by these funds are banned, the law allows hedge funds to keep any single-family homes they already own when the act takes effect. Any property acquired in violation of this rule would be subject to legal forfeiture.