>> ERIC: HOUSING HAS BEEN GETTING BIPARTISAN ATTENTION AT THE CAPITOL IN THE LAST MONTH.

LEGISLATORS FROM BOTH SIDES HAVE BEEN WORKING TOGETHER ON THE LACK OF AFFORDABLE HOUSING ACROSS THE STATE.

EARLIER THIS WEEK, A BILL AIMED AT PRESERVING OWNER-OCCUPIED SINGLE-FAMILY HOMES BEGAN MAKING ITS WAY THROUGH COMMITTEES IN THE HOUSE.

STATE REPRESENTATIVE ESTHER AGBAJE IS THE AUTHOR OF THE BILL.

WELCOME TO "ALMANAC."

SO, PRIVATE EQUITY FIRMS, BUYING UP SINGLE FAMILY HOMES, FLING THEM INTO RENTALS, IS THAT THE FAIR CHARACTERRATION OF THE ISSUE?

>> THAT'S CORRECT.

WE ARE TRYING TO MAKE SURE THAT HOMES STAY AVAILABLE FOR PEOPLE RATHER THAN MANY OF THESE CORPORATE ENTITIES THAT ARE COMING, MANY FROM OUTSIDE MINNESOTA AND BUYING UP WHOLE SWATHS OF NEIGHBORHOODS, PRINTING PEOPLE TO ENTER THE MARKET.

>> Cathy: I WAS JUST GOING TO ASK HOW BIG OF AN ISSUE IS THIS?

IS IT MOSTLY METRO, IS IT IN GREATER MINNESOTA?

>> IT'S ALL OVER, ACTUALLY.

WE'RE SEEING IT MAINLY IN THE METRO BUT THERE ARE STORIES COMING OUT OF DULUTH WHERE BILLIONAIRE COMPANIES HAVE BOUGHT UP ABOUT 20 HOMES AT ONE ISSUE AND IT'S REALLY PREVENTING PEOPLE FROM BEING ABLE TO LIVE WHERE THEY WANT TO LIV AND PARTICULARLY THOSE WHO ARE READY FOR HOMEOWNERSLIP, QUALIFY FOR HOMEOWNERSHIP, CAN'T AFFORD HOMEOWNERSHIP BUT THEY'RE OT SHUT OF THE MARKET BECAUSE OF THESE CORPORATIONS.

>> Eric: IS THERE SOMETHING THAT -- PUT IT THIS WAY, WHAT IS IT YOUR BILL DOES TO ADRESS THIS?

>> WE'RE TAKING THE APPROACH TO LIMIT THE NUMBER OF SINGLE-FAMILY HOMES THAT CORPORATIONS CAN OWN IN MINNESOTA.

SO RIGHT NOW, OUR BILL PROPOSES THE NUMBER 10, BUT WE'RE STILL IN NEGOTIATIONS ABOUT THAT BUT THE IDEA IS, IF YOU'RE ORPORATION AND YOU OWN MORE THAN 10, WE WOULD BE ASKING YOU TO DIVEST IN ORDER TO ALLOW MORE HOMES TO COME ON TO THE MARKET FOR THOSE WHO MIGHT WANT TO CALL IT A HOME.

>> Eric: WHO WOULD ENFORCE?

>> RIGHT NOW WE'RE LOOKING AT THE ATTORNEY GENERAL'S OFFICE TO ENFORCE IT, ALSO LOCAL GOVERNMENTS TO END FORCE BUT WE REALLY WANT TO ENSURE THAT TY IN MINNESOTA, IF YOU'RE FAMILY, IF YOU ARE AN INDIVIDUAL, YOU CAN STILL BUY A HOME.

>> Cathy: BECAUSE NOT OPENING PROPERTY REALLY CRIMPS THE ABILITY TO GAIN AND FOSTER GENERATIONAL WEALTH.

THAT'S THE BOTTOM LINE, RIGHT?

>> EXACTLY.

WE WANT TO BE ABLE FOR PEOPLE TO HAVE THAT ACCESS TO BUILD GENERATIONAL WEALTH.

WHAT WE DID LAST YEAR IN THE HOUSE AND REPRESENTATIVES AND THE SENATE, WE PASSED A BILLION-DOLLAR BUDGET FOR HOUSING, TO BUILD MORE HOUSING, DOWN PAYMENT ASSISTANCE, PRESERVE HOUSING, BUT PEOPLE CANNOT EEL ENTER IT IF WE HAVE THESE CORPORATE PLAYERS WHO COME IN AND BASICALLY BUY UP WHOLE NEIGHBORHOODS, OR THEY OUT I BID PEOPLE.

I'VE HEARD FROM SO MANY PEOPLE IN MY EMAIL ELLING ME, I WOULD HAVE BOUGHT A HOUSE IF IT WASN'T FOR ME BEING OUTBID BY A CORPORATION.

>> Cathy: I CAN SOME LISTENERS OR VIEWERS SAYING IT'S A FREE COUNTRY, WHEN YOU HAVE THE MONEY, WHAT THE HECK, THEY GOT THERE FIRST.

>> AND I HEAR -- THAT'S THE PUSHBACK WE HEAR A LOT BUT THE OTHER THING THAT I WANT TO REMIND PEOPLE IS, WE'RE ALSO IN THIS TOGETHER TO MAKE SURE THAT SHOWS WHO WANTS TO HAVE A PART OF THE AMERICAN DREAM HAVE THE OPPORTUNITY TO DO SO.

AND WHAT WE'RE TRYING TO DO IS TRY TO LEVEL THE PLAYING FIELD A LITTLE BIT MORE TO ENSURE THAT THOSE WHO WANT TO BE ABLE TO BUY A HOME, BUILD THAT GENERATIONAL WEALTH, HAVE SOMETHING TO PASS ON TO THEIR KIDS, CAN DO SO WITHOUT HAVING TO WORRY ABOUT CORPORATIONS COMING IN AND FLOODING THE MARKET.

>> Eric: HAD THEY FLIP THESE HOUSES TO RENTALS, ARE THEY GOOD LANDLORDS OR IS IT HARD TO GENERALIZE R -- >> IT'S EASIER TO GENERALIZE THE MORE YOU OWN, KIND OF THE LESS OF A GOOD LANDLORD YOU ARE.

SO WHAT WE'RE FINDING IS THAT IF YOU'RE A LANDLORD THAT OWNS SOMEWHERE BETWEEN TEN OR LESS HOMES, YOU TENDS TO BE ORE INVOLVED, YOU TENDS TO BE AROUND.

BUT ONCE YOU GET INTO THE SPACE OF OWNING 40, 50-PLUS HOMES, YOU ARE ESSENTIALLY A FACELESS ENTITY AND ALL THAT HAPPENS IS PEOPLE HEAR FROM YOU ON THE FIRST OF THE MONTH FOR THEIR CHECK BUT NOT NOR ANYTHING ELSE.

>> Cathy: SO I'M WONDERING, HAS THIS BEEN DONE ELSEWHERE ACROSS THE COUNTRY?

THERE A MODEL THAT YOU'RE LOOKING AT?

>> PEOPLE HAVE BEEN INTRODUCING DIFFERENT BILLS AND DIFFERENT IDEAS, THE FEDERAL GOVERNMENT HAS INTRODUCED A NUMBER OF BILLS ON THIS ISSUE, NO ONE HAS IMPLEMENTED ANYTHING, SO IF WE WOULD BE ABLE TO IMPLEMENTS ONE THIS YEAR WHICH I HOPE WE CAN, READY BE ONE OF THE FIRST.

>> Eric: HOW WOULD YOU SAY THE SITUATION IS CURRENTLY?

>> SO, UNLIKE THE SUNBELT STATES, LIKE ARIZONA AND ALL THOSE PLACES, AND NEVADA, THEY'RE WAY BEHIND.

WE'RE STILL IN A PLACE NOW IN MINNESOTA WHERE WE'RE NOTICING THE PROBLEM, WE'RE SEEING THAT WE'RE HAVING ISSUES, PARTICULARLY IN SOME SUBURBS, SO IF WE DO SOMETHING NOW, WE CAN HELP MITIGATE IT AND MAKE MINNESOTA MORE OPEN FOR PEOPLE.

>> Cathy: IT'S INTERESTING TO NOTE THIS IS BIPARTISAN WHICH IS KIND OF RARE AT THE CAPITOL.

>> I DON'T KNOW IF THIS PARTICULAR PIECE IS BIPARTISAN BUT HOUSING IS GETTING MORE BIPARTISAN.

>> Eric: YOU'VE CLEARED ONE HOUSE COMMITTEE, MET A DEAD LIVEN AND THE SENATE YOU HAVE SOMETHING GOING OUR THERE?

>> WE'RE ALSO EXPECTING A HEARING IN THE SENATE, YEAH.

>> Eric: WE'LL KEEP TRACK OF IT.

APPRECIATES YOU COMING OVER.

>> THANK YOU SO MUCH.

>> Eric: THANKS.

>> Cathy: THANK YOU.