(1) No municipality shall have, or acquire by private act or amendment to a charter, the power to acquire undeveloped real property for the purpose of development or subdivision into residential lots for resale.
(2) Subsection (a) shall not affect any power that a municipality may have by general law or private act to engage in slum clearance or the redevelopment of blighted areas, or the construction or development of subsidized low or moderate income housing under state or federal law.
(3) As used in this section “municipality” includes incorporated towns or cities, metropolitan governments, or counties.