Name: Legislation To Ban Hedge Funds From Owning Homes Finds Support
Uploaded: 2024-01-02T05:00:48-05:00
Channel: TMN Editor
Description: By ERIN FLYNN JAY A bicameral bill that would force hedge funds out of the single-family home market is supported by some industry leaders. Last month, U.S. Sen. Jeff Merkley (D-OR) and U.S. Rep. Adam Smith (D-WA) introduced the End Hedge Fund Control of American Homes Act of 2023. If passed, it would force hedge

By ERIN FLYNN JAY A bicameral bill that would force hedge funds out of the single-family home market is supported by some industry leaders. Last month, U.S. Sen. Jeff Merkley (D-OR) and U.S. Rep. Adam Smith (D-WA) introduced the End Hedge Fund Control of American Homes Act of 2023. If passed, it would force hedge funds to sell at least 10% of the total number of single-family homes they currently own to homebuyers every year for a 10-year period. After a 10-year full phase-out, all hedge funds will be completely banned from owning any single-family homes. In a YouTube video, Merkley said rents are sky-high and families can’t afford to buy a home in their chosen community. “Hedge funds and…

By KIMBERLEY HAAS A bicameral bill that would force hedge funds out of the single-family home market has been introduced. U.S. Sen. Jeff Merkley (D-OR) and U.S. Rep. Adam Smith (D-WA) introduced the End Hedge Fund Control of American Homes Act of 2023 this week, with Merkley stating, “The housing in our neighborhoods should be homes for people, not profit centers for Wall Street.” “Yet, in every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices,” Merkley said in a statement. “It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at…