New bill looks to give Ohioans, not investors, first chance to buy a home
CLEVELAND, Ohio (WOIO) - Across the country and in the state of Ohio the housing market has seen incredibly high prices. That has meant many people are priced out of homes, with the only ones able to make purchases are investors who will purchase a foreclosed home and then rent it out. This is something that has been profitable for businesses but created tough situations for people living in these areas.
State Senator Louis W. Blessing (R-District 8) has introduced a new bill that would combat this for foreclosed properties, offering individual people the first chance at buying.
The bill would restrict corporate investors from buying a foreclosed home until 45 days after listing. This would open the door for individual people to be buying these homes at a more affordable price.
Senator Blessing said he modeled the bill after one already passed in California which would set a blueprint for how it could work in Ohio.
Blessing also said this could be a potential to be prepared for the future, in case another recession starts to appear and homes are foreclosed at a higher rate.
The bill’s next step will be a hearing, Blessing says he has received bipartisan support.
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