Limit Wall Street Home Purchases
Official: Stopping Wall Street From Competing With Main Street Homebuyers Act
This bill prevents big investment companies from buying single family homes to help regular homebuyers compete in the housing market. It aims to keep homes affordable for families looking to buy their own houses.
1. This bill stops large investment funds from buying single family homes. 2. Covered funds cannot purchase single family homes starting 90 days after the bill is enacted. 3. Funds that already own single family homes must sell at least 10% of them each year for 10 years. 4. A covered fund is defined as having over $500 million in assets or owning many homes. 5. Single family homes are defined as residential structures for one family.
Families looking to buy single family homes are directly affected by this bill.