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Lawmaker cites rise of out-of-state corporate landlords in bill to limit bulk residential purchases
Summary
An unidentified lawmaker said they filed legislation to curb out-of-state corporations buying large numbers of lower-income homes, saying such purchases reduce homeownership opportunities and leave properties poorly maintained.
An unidentified speaker at a Missouri legislative news event described a bill they had filed to restrict corporations from buying up large numbers of residential properties, arguing that such purchases harm neighborhoods and limit first-time homeownership.
When asked why they filed the bill, the speaker said the idea arose in part after a colleague raised the issue in committee. The speaker described a pattern in which out-of-state corporations buy housing — often lower-income units that could serve as starter homes — allow properties to deteriorate, and rent them without local accountability. "They don't take care of the properties and they just rent it out and they just feed off these things," the speaker said, adding that this trend can erode neighborhood stability and community ownership.
The speaker framed the legislation as an effort to preserve local homeownership opportunities and neighborhood cohesion. They said the purchases sometimes occur off the tax rolls and that corporate owners often do not maintain properties; the speaker did not provide enforcement details, bill text, a bill number, or an implementation schedule at the event.
Reporters did not receive details about the bill's specific restrictions, thresholds for corporate purchases, exemptions, or funding for enforcement. The speaker described the problem as shared by multiple legislators and communities and said they filed the bill in response.
No formal votes or committee actions on the measure were reported during the press event.
