Bill > SF3173

This bill aims to restrict corporate ownership of single-family homes in Minnesota by implementing several key provisions. First, the bill prohibits corporate entities from owning 50 or more single-family homes, with exceptions for government agencies, land trusts, nonprofit housing organizations, homestead property owners, housing development corporations, and mortgage note holders. The bill introduces an increased deed tax rate of 0.5% (compared to the standard 0.0033%) for single-family home transfers to corporate owners, with the additional tax revenue dedicated to the workforce and affordable homeownership program. Furthermore, the bill establishes a statewide landlord database managed by the commissioner of commerce, requiring landlords to submit detailed information about their rental properties, including owner names, business addresses, contact information, and rental license details. Landlords must annually update this information and can face penalties for non-compliance. The commissioner of commerce is empowered to enforce these restrictions, with the ability to impose a $25,000 penalty for each single-family home owned beyond the 50-home limit after a 12-month grace period following a cease and desist letter. The statewide landlord database will be publicly accessible and free to use, allowing tenants to search and report rental units or landlords not listed in the system, with protections against landlord retaliation for such actions.

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https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3173&ssn=0&y=2025