LINCOLN- Calling it a means to preserve local homeownership, a state senator has proposed legislation to keep businesses without a tie to the state from buying single-family housing in Nebraska. Under LB1405, introduced by Sen. Justin Wayne, a corporation, hedge fund or other business would not be able to purchase a single-family home in Nebraska unless that entity is domiciled in Nebraska and its principal members are state residents.

Speaking Monday to the Legislature’s Banking, Commerce and Insurance Committee, Wayne referred to an Ohio-based private company as an example. He said Vinebrook Homes has snapped up scores of homes in North Omaha to become one of the state’s largest landlords. He said the companies have the financial capacity to outbid average families, and the homes become “perpetual renterships.”

He said he was inspired by the Omaha situation, but also by Gov. Jim Pillen’s idea to prevent foreign adversaries and sanctioned nationals from buying land in Nebraska. “I was like, Let’s just take it a step further and see if we can save some homes,” Wayne said. Three people spoke in support of the bill during the public hearing. No one testified in opposition, though pushback came from Sen. von Gillern.

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