Michigan laws target housing shortage and rising costs

Gov. Gretchen Whitmer signed bipartisan laws in July aimed at addressing Michigan’s housing shortage. The measures create a state low-income housing tax credit, allow some four-story residential buildings to use a single staircase and prohibit large corporations from owning more than 100 single-family homes in Michigan.

The state estimates it lacks about 97,000 housing units to meet current demand. Average Michigan rent reached about $1,200 per month in September, while the average home value was roughly $269,600, according to figures cited in the report.

The Michigan Housing Opportunity Tax Credit is expected to launch in early 2027 and help build or preserve roughly 2,500 additional rental homes each year. Supporters of the single-staircase rule said it could lower construction costs by up to 13 percent.

Read the full story at michiganindependent.com.