Stopping Wall Street From Competing With Main Street Homebuyers Act
Summary
What This Bill Does
The Stopping Wall Street From Competing With Main Street Homebuyers Act amends the Investment Company Act of 1940 to restrict institutional ownership of single-family homes. Beginning 90 days after enactment, a covered fund may not purchase a single-family home. Within 10 years after enactment, a covered fund may not hold single-family homes directly or through a subsidiary or parent company. A covered fund that holds single-family homes on enactment must divest at least 10 percent of those homes every year during the 10-year period. Covered funds include registered investment companies, real estate investment trusts, and private funds with more than $500 million in assets under management, or funds that owned at least 100 U.S. single-family homes or purchased more than five U.S. single-family homes in a 30-day period during the year before enactment. Single-family homes include residential structures or mobile homes containing one family housing unit.
Who Benefits and How
Main Street homebuyers, first-time buyers, families bidding on single-family homes, community housing advocates, small landlords, and owner-occupant buyers benefit because large investment funds, REITs, and private funds would be barred from new purchases and forced to divest existing single-family holdings over 10 years. Housing markets with heavy institutional buying may benefit if fund demand is reduced.
Who Bears the Burden and How
Registered investment companies, real estate investment trusts, private funds, institutional single-family rental operators, fund investors, property managers, and securities compliance staff face purchase bans, phased divestment duties, portfolio restructuring, asset-sale timelines, and lost rental-home acquisition strategies. Tenants in fund-owned single-family rentals may face ownership changes as funds sell homes.
Key Provisions
- Bars covered funds from buying single-family homes beginning 90 days after enactment.
- Requires covered funds to stop holding single-family homes within 10 years.
- Requires covered funds with existing holdings to divest at least 10 percent of homes annually.
- Covers registered investment companies, real estate investment trusts, and private funds with more than $500 million in assets.
- Covers funds that own 100 or more U.S. single-family homes or bought more than five in a 30-day period.
- Defines single-family homes to include residential structures and mobile homes containing one family housing unit.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Bars large covered funds from buying single-family homes beginning 90 days after enactment and requires covered funds that already hold single-family homes to divest all such homes within 10 years, selling at least 10 percent annually, with coverage for registered investment companies, REITs, and private funds that have more than $500 million in assets, own 100 or more U.S. single-family homes, or bought more than five such homes in a 30-day period during the prior year.
Key Policy Areas
Housing, Financial Services, Real Estate
Primary Purpose
Bars large covered funds from buying single-family homes beginning 90 days after enactment and requires covered funds that already hold single-family homes to divest all such homes within 10 years, selling at least 10 percent annually, with coverage for registered investment companies, REITs, and private funds that have more than $500 million in assets, own 100 or more U.S. single-family homes, or bought more than five such homes in a 30-day period during the prior year.
Policy Domains
Substantive provisions
Identified Gains
- Main Street homebuyers
- First-time buyers
- Families bidding on homes
- Community housing advocates
- Small landlords
- Owner-occupant buyers
Identified Costs
- Registered investment companies
- Real estate investment trusts
- Private funds
- Institutional rental operators
- Fund investors
- Property managers
Legislative Progress
In CommitteeReferred to the House Committee on Financial Services.
Introduced in House
Mrs. Luna introduced the following bill; which was referred to …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Private funds, Registered investment companies
Property managers, Real estate investment trusts
First-time buyers, Main Street homebuyers, Owner-occupant buyers
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology