October 25 :
The Stop Wall Street Landlords Act, which would prohibit huge institutional investors from using public funds to purchase single-family homes, was reintroduced on October 23, 2024, by Representatives Ro Khanna (CA-17), Katie Porter (CA-47), and Mark Takano (CA-39).
A news release from Rep. Khanna's office stated that after the 2008 housing catastrophe and foreclosure crisis, there has been a rise in investor involvement in the American housing market. This activity has led to the normalization of abusive tactics and excessive fees, as well as the artificial driving up of housing and rent costs.
Data cited in the news release indicates that investors purchased 26% of the most inexpensive homes and 18% of all properties sold in the fourth quarter of this year. Lawmakers said that investors were pushing up rent prices in areas like Georgia, California, Nevada, and Florida, where corporate landlords own a significant number of rental single-family homes.
The ideal of homeownership is being pushed out of reach for regular Americans by affluent corporate landlords who are buying up affordable single-family houses, according to Rep. Ro Khanna (CA-17). People should own homes, not them. One of the biggest problems in my state and in my constituency is the lack of affordable homes. To prevent further escalation of the housing crisis caused by government subsidies going to large property management companies, the Stop WallStreet Landlords Act has been introduced. Along with Representatives Porter and Takano, I am honored to spearhead this movement to prioritize family-friendly, low-cost housing.
As a single mother of three, Rep. Katie Porter (CA-47) expressed her "heartbreaking" feelings when her children expressed concerns about their future housing affordability. A lot of people are hoping that policymakers will do something about the high expense of housing. This is particularly true in California, where I was born and raised. Rep. Mark Takano (CA-39) stated, "It is no wonder they are also targeting single-family homes," in reference to the fact that private equity and huge corporations have been increasing prices on many goods and services. "Wall Street landlords are use government dollars to drive up the cost of housing as they monopolize ownership of single-family residences.
In a statement made by Representative Chris Deluzio (PA-17), he stated that major corporate landlords are engaging in predatory activities by purchasing properties throughout Western Pennsylvania and around the nation, thereby forcing low- and middle-income families to leave their neighborhoods. Home ownership has always been considered a fundamental component of the American ideal, according to Rep. Bonnie Watson Coleman (NJ-12). For many families in New Jersey, the ideal of homeownership is still just that—a dream, because corporate investors are snapping up entire neighborhoods of single-family homes, driving up the cost of housing at an alarming rate.
