This bill aims to regulate corporate ownership of single-family homes in Minnesota by prohibiting corporate entities from owning more than 50 single-family homes directly or indirectly. It defines "corporate owner" and "single-family home," and outlines exceptions for certain entities, such as government units, land trusts, and non-profits focused on affordable housing. Additionally, the bill introduces increased deed tax rates for conveyances of single-family homes to corporate owners, with the state portion of the revenue dedicated to a workforce and affordable homeownership program.

Furthermore, the bill establishes a statewide landlord database that requires landlords to submit detailed information about their properties and ownership annually. The database will be publicly accessible at no cost, allowing tenants to report landlords or rental units that cannot be found. The bill also includes provisions for enforcement and penalties for non-compliance, ensuring that landlords adhere to the new requirements. The effective date for the landlord database provisions is set for January 1, 2026.

Statutes affected:
Introduction: 287.21, 287.29