Legislation in the U.S. Senate would ban large investment companies from buying up single family homes en masse. The proposal is co-sponsored by U.S. Sen. Josh Hawley, R-Missouri.
“We need to stop Wall Street banks and funds from coming in and buying up single-family homes, and this is what they’re doing more and more,” Hawley told Missourinet. “Do you know the number of people who own homes is decreasing? The number of banks and hedge funds, investment funds that own them is skyrocketing. It ought to be just the reverse.”
He emphasized that the practice has exacerbated the nation’s housing shortage
“We’ve got a major, major housing issue in this country. We’ve got too few homes and they’re way too expensive. And a big reason for that is not the builders, it’s Wall Street,” Hawley said. “So, we decided to prohibit it across the board. Let’s stop the Wall Street banks from buying up the homes. Let’s allow people to go get that first home, get their piece of the American dream.”
The “Homes for American Families Act” is co-sponsored by U.S. Sen. Jeff Merkley, D-Oregon.
In addition to banning mass-buying of single-family homes, the bill would also give the U.S. Justice Department the authority to pursue civil actions against large investors that buy up homes, townhouses, and condos.
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