For the second time in six months Sen. Tammy Baldwin is calling for federal legislation aimed at slowing down the invasion of corporate landlords buying up thousands of homes in Milwaukee and other cities.
Baldwin is one of the lead sponsors of the recently introduced Affordable Housing and Homeowner Protection Act that calls for slapping a transfer tax on large investors who buy at least sixteen single family homes. The tax money would be used to fund a $50 billion program over 10 years to help build and preserve about three million housing units nationwide, according to a statement by Baldwin’s office.
The bill is similar to legislation brought in by Baldwin and other Democratic senators last year that would ban investors who buy at least 50 single family rental homes from deducting interest or depreciation on those properties.
“Wealthy out-of-state investors are buying up housing stock in Wisconsin — driving up rent and putting home ownership out of reach for too many,” Baldwin said in a statement. “Our bill will get at both ends of the problem — disincentivizing any wealthy investor from gobbling up Wisconsin housing and, if someone does, then making sure they are part of the solution to create more opportunities for save affordable housing.”