Michigan bans big investors from buying more homes. Will it work?

Michigan Governor Gretchen Whitmer has enacted legislation preventing large institutional investors from purchasing single-family homes if they already own 100 or more properties in the state, while a parallel federal law sets a 350-home nationwide threshold. The measure aims to preserve housing availability for Michigan residents, particularly in tourism-driven areas where vacation rentals have proliferated, though state housing officials acknowledge institutional investors represent a relatively small portion of the market compared to other states. Large-scale investors own approximately 3-4% of single-family rentals nationally, but in Michigan the rate of institutional purchases stands at 6.