Michigan HB5928 prohibits hedge funds from owning, acquiring, or purchasing single-family homes in the state.

Michigan HB5928, known as the "homes are for people act," prohibits hedge funds from owning, acquiring, or purchasing single-family homes in the state. This act defines a hedge fund as an organization managing funds pooled from investors with $50 million or more in net value or assets under management. The act allows hedge funds that own a single-family home on the effective date to continue owning it. Violation of this prohibition subjects the ownership interest to forfeiture. The act will not take effect unless Senate Bill No. ____ (request no. S03816'25) or House Bill No. 5929 (request no.

Michigan HB5928 prohibits hedge funds from owning, acquiring, or purchasing single-family homes in the state.

Michigan HB5928, known as the "homes are for people act," prohibits hedge funds from owning, acquiring, or purchasing single-family homes in the state. This act defines a hedge fund as an organization managing funds pooled from investors with $50 million or more in net value or assets under management. The act allows hedge funds that own a single-family home on the effective date to continue owning it. Violation of this prohibition subjects the ownership interest to forfeiture. The act will not take effect unless Senate Bill No. ____ (request no. S03816'25) or House Bill No. 5929 (request no.