Iowa farm ground
River1: Iowa has a long history of non-resident investors, or out-of-state investors in farm land. I read an article that stated 20% of all farm ground is owned by out of state investors. When you are #1 in corn production, that is going to happen, and in most cases it has been a good investment.
For farmers it can be good or bad, depending on how you look at it. If you want to buy the farm next to you, but a New York investor buys it instead you miss out on adding to your acres. On the other hand, he is not going to farm it, so that same farmer may be able to rent it instead. I talked with a young farmer in SW Iowa who was able to add on a lot of acres from non-resident owners, most if not all of his acres were owned by out of state investors, and he stated that he would not be farming if the locals owned it. and farmed it themselves.
I live in Minnesota, a lot of our lake property (cabins and homes) are purchased by non-residents. Several are from Iowa. I have never once in my life heard anyone complain about it. It is just a fact of life, we benefit by their $ spent in our community, and they get the same fishing limits and/or hunting limits that we have, they just have to pay a higher price for a license, and no one complains.
We welcome them, and many end up living here once they retire. I guess my point is regardless if this new law passes (which I am sure it will not) outside investment in Iowa will happen regardless.