Stopping Wall Street From Competing With Main Street Homebuyers Act

This bill would amend the Investment Company Act of 1940 to bar certain large investment funds from buying single family homes, starting 90 days after it becomes law. Covered funds include registered investment companies, real estate investment trusts, and private funds that have more than $500 million in assets under management, or that in the year before enactment owned 100 or more single-family homes or bought more than 5 in a 30-day period. Covered funds that already own single family homes would have to sell at least 10 percent of them each year, and could hold none after 10 years. A single family home is defined as a residential structure or mobile home with one family housing unit.

Full text and official record on Congress.gov

Sponsors

• Anna Paulina Luna Republican sponsor
• 0 cosponsors