Fishers has been receiving lots of attention from local news outlets lately, including the Indianapolis Star and local television newsrooms, about who owns single-family rental homes in Fishers.  A housing study released in January contains a ton of data, but one fact uncovered is the extent of large investment firms buying homes in Fishers to become rental properties.

Take a quick look at what the study found:

Fishers City Council President Todd Zimmerman has written social media posts saying he favors action to stem the tide of investment companies buying-up Fishers single-family homes and converting them to rental properties.  Mayor Scott Fadness says having large investment firms buying-up single-family homes robs families of wealth accumulation over time by pushing many of them out of the local housing market.

If there is a consensus that something needs to be done, the next question is – what should be done and what can be done under the law?  In a brief conversation after a recent Board of Works meeting, Mayor Fadness told me he has been conducting meetings with his staff and the city attorney, exploring options possible under Indiana law.

The mayor indicated to me that it may take a change in state law.  Remember, cities are subdivisions of the state, so Indiana state lawmakers have the final say, along with the governor, on what laws are and are not enacted or even allowed by local governments.

Indiana has a national reputation of favoring landlords over tenants.  The Indianapolis Star and other local news outlets have reported extensively on this issue.  Convincing the General Assembly to enact a law limiting rental properties will be a heavy lift.

Expect some reaction from Mayor Fadness and the Fishers City Council in response to data revealed in the housing study.  Let’s see exactly what is proposed  to deal with this single-family rental home ownership question.