State Rep. Karl Bohnak today joined Gov. Gretchen Whitmer as she signed into law his plan to help protect the Upper Peninsula’s housing market by limiting the bulk purchase of single-family homes by large corporate investors.

“This bill ensures that Michigan families are not squeezed out of the housing market by large corporations,” said Bohnak (R-Deerton). “This plan grew out of conversations with people across the Upper Peninsula who simply want a fair chance to buy a home, raise their families, and put down roots in the communities they love. It delivers a commonsense solution that puts hardworking families ahead of large corporate investors. I’m grateful to Gov. Whitmer for signing this important legislation into law and helping preserve the dream of homeownership for families across the Upper Peninsula and throughout Michigan.”

The new law prohibits corporations that already own more than 100 single-family homes from purchasing additional homes in Michigan. The reform is designed to help preserve homeownership opportunities by keeping more houses on the market for families and individuals instead of large investment companies.