Homes for American Families Act

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.
• "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.
• 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.
• 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.