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Ohio senator introduces bill to discourage large investors from hoarding single‑family homes
Summary
Senator Blessing presented Senate Bill 28 to the Senate Committee on Housing, proposing a monthly charge on large institutional owners of 1‑to‑3‑unit single‑family homes intended to force sell‑offs and restore owner‑occupied opportunities; members probed thresholds, verification and unintended effects.
Senator Blessing on the Senate Committee on Housing said Thursday he introduced Senate Bill 28 to curb large institutional investors who buy single‑family starter homes and convert them to long‑term rentals, arguing the practice reduces pathways to homeownership and drives up rents and prices.
"Simply put, families should not have to compete against edge and pension funds for a basic necessity like housing," Blessing said in sponsor testimony, describing firms that make cash offers, avoid appraisals and minimize capital expenditures to maximize rental returns.
The bill would impose a financial charge intended to eliminate the business case for large portfolios of single‑family homes. Blessing described the measure in testimony as a "charge of $2,000 per month per property" levied on any entity…
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