Baldwin introduces bill imposing tax on investors who purchase multiple Wisconsin real estate properties

MILWAUKEE (CBS 58) -- A new bill could slow down out of state companies and corporations from buying multiple real estate properties in Milwaukee. 

The Affordable Housing and Homeowner Protection Act was introduced by Wisconsin Senator Tammy Baldwin. 

Under the bill, companies that buy more than 15 homes would have an additional 1% tax. 

That tax money would then go towards affordable housing funds. 

Baldwin says when companies purchase multiple properties in Wisconsin, housing prices rise, and people are less likely to lay down roots in the state.

"Our bill disincentivizes wealthy investors from gobbling up Wisconsin's housing, and if somebody does, then making sure they become part of the solution to create more opportunities to build safe and affordable housing," Sen. Baldwin said. 

There's opposition to the bill. 

Heiner Giese, an attorney with the Apartment Association of Southeastern Wisconsin, says the bill risks raising already-high rental costs.