1. United States
2. Calif.
3. Letter

The housing crisis is devastating communities all across the country, and corporate executives are exploiting it to put more money in their pockets. We shouldn’t allow private equity firms to buy up vast quantities of American homes and create a generation of lifelong renters.  Congress needs to act fast and help promote access to safe, affordable housing and homeownership for American families, not Wall Street. That’s why I support S. 3402 / HR 6608, The End Hedge Fund Control of American Homes Act. This legislation seeks to put an end to the harmful practice of hedge funds buying up single-family homes by banning hedge funds from owning these types of homes and requiring them to sell at least 10% of the total number of single-family homes they currently own to families per year over a 10-year period. After a 10-year full phase-out, all hedge funds will be completely banned from owning any single-family homes. This legislation will bring down housing prices, giving more families the opportunity to purchase a home and set their families up for a bright future. I’d like you to co-sponsor and work to pass this vital legislation. Continued Congressional inaction on the housing crisis is unacceptable. Thanks.