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Congress·In Committee·S. 3937

Sens. Hawley and Merkley Introduce Bipartisan Bill to Ban Wall Street Firms from Buying Houses

Homes for American Families Act

19 days ago·View on Congress.gov

Legislative Progress

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Key Points

  • This bill would ban large investment firms, real estate investment trusts, insurance companies, and private funds managing $150 million or more from buying single-family homes, condos, townhouses, or land zoned for those properties. The goal is to reduce corporate competition that drives up housing prices for regular families.

    From policy text

    “any purchase by a covered entity of residential real estate shall be deemed a contract in restraint of trade in violation of section 1, except that the violation shall be civil only and no criminal penalty under that section, including a term of imprisonment, shall apply.”
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  • "Covered entities" include REITs, insurance companies, and investment companies or private funds with at least $150 million in assets under management. Related companies are counted together under aggregation rules to prevent firms from splitting up to dodge the threshold.
  • Homebuilders and developers are exempt from the ban as long as they are building homes intended for sale to individuals or entities not covered by the ban. This ensures the law doesn't slow down new home construction.

    From policy text

    “Paragraph (1) shall not apply to a homebuilder, developer, or redeveloper if the units of residential real estate are being or have been constructed for ownership by a person or entity that is not prohibited from purchasing residential real estate under this subsection.”
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  • The Department of Justice would be directed to prioritize investigating large firms for anti-competitive behavior in housing markets, including coordinated vacancies (keeping homes empty to drive up prices) and pricing strategies that harm buyers.

    From policy text

    “The Assistant Attorney General in charge of the Antitrust Division of the Department of Justice shall prioritize the review of purchases of residential real estate by a covered entity for anti-competitive effects and prioritize enforcement of antitrust laws, as appropriate, against coordinated vacancy, pricing strategies, and other anticompetitive practices by covered entities in local residential real estate markets.”
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  • The bill is bipartisan, introduced by Sen. Hawley (R-MO) and Sen. Merkley (D-OR), and would take effect 90 days after being signed into law. It amends the Sherman Antitrust Act to treat these purchases as civil violations of trade restraint laws.

    From policy text

    “This Act and the amendments made by this Act shall take effect on the date that is 90 days after the date of enactment of this Act.”
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HousingEconomy Finance

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Milestones

2 milestones2 actions
Feb 26, 2026Senate

Read twice and referred to the Committee on the Judiciary.

Feb 26, 2026

Introduced in Senate

Source Information

Document Type

Congressional Bill

Official Title

Homes for American Families Act

Bill NumberS 3937
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on the Judiciary.

Sponsor

Cosponsors

(1)
D: 1

Analysis generated by AI. Always verify with official sources.