WASHINGTON — Today, U.S. Senators Josh Hawley (R-Mo.) and Jeff Merkley (D-Ore.) introduced the Homes for American Families Act and an update of the HOPE for Homeownership Act, a comprehensive package to prohibit large institutional investors from buying up single-family homes. Their legislation is a response to the homeownership crisis in America, which has been exacerbated by deep-pocketed Wall Street investors flooding the housing market and purchasing homes.
“Wall Street has exploited the American housing crisis, turning the nation’s housing stock into a portfolio of rental properties,” said Senator Hawley. “Families deserve to be able to buy their own homes and achieve the American dream without competing with big investment companies that irrevocably drive up housing prices. That’s why I am introducing legislation to ban Wall Street from buying single family homes once and for all.”
“Houses in our communities should be homes for families, not profit centers for hedge funds,” said Senator Merkley. “As corporate investors invade the housing market nationwide, we need action to protect hardworking Americans achieving the dream of homeownership. Now with bipartisan support, we have wind in our sails to finally crack down on billionaire corporations gobbling up American homes. I’m ready to work with the President, Republicans, and Democrats to get this over the finish line.”
The Homes for American Families Act would:
- Prohibit large institutional investors from purchasing single-family homes, townhouses, and condominiums.
- Empower the Department of Justice with enforcement authority for civil violations and prioritized antitrust review for purchases of residential real estate by large institutional investors.
Senator Hawley is also joining Senator Merkley in introducing an updated version of the HOPE for Homeownership Act, which would push large institutional investors and hedge funds to divest their holdings of single-family homes through tax changes.
Read the full bill text for the Homes for American Families Act here.
Read the full bill text for the HOPE for Homeownership Act here.
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