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Published Date 5/13/2024

Proposed legislation may have no effect on home prices The drive to bring down-home prices is not going well, according to Realtor.com’s Keith Griffith, who reports that the proposed congressional legislation to ban Wall Street hedge funds from snapping up single-family homes would likely have little impact on home prices. “With their small national market share, claims that large institutions inflate house prices seem exaggerated,” wrote Capital Economics Property Economist Thomas Ryan in a client note on Thursday. “In our view, lawmakers are looking for a new scapegoat to blame for unaffordable housing.” Griffith cites data from the latest Realtor.com investor report that noted that large institutions with 50 or more homes represented only 13% of all investor homebuyers as of September. Instead, small “mom and pop” landlords with fewer than 10 properties made up the significant majority of investor home purchases. The analysis comes as Democrats in the U.S. House and Senate push legislation that would force large institutional investors to sell off their single-family homes to family buyers. The “End Hedge Fund Control of American Homes Act” would impose steep penalties on hedge funds that own any number of single-family homes, as well as other institutions that own more than 50 homes. “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,” said sponsor Sen. Jeff Merkley, a Democrat from Oregon, when introducing the bill in December. Reach out for more! Realtor, TBWS

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