As our nation continues to face a crisis of housing affordability, Oregon’s U.S. Senator Jeff Merkley has just introduced the End Hedge Fund Control of American Homes Act, a piece of legislation aimed at ending Wall Street ownership of residential housing.
This legislation bans hedge funds and all other investors from owning large numbers of homes by establishing a $20,000 federal tax penalty per single family home owned in excess of 100. To help ensure affordability for families, revenues from this tax are reserved for down-payment assistance programs.
While aspects of the housing crisis— including a supply shortage—will take years to remedy, others can be addressed immediately. This bill does just that. To quote Senator Merkley:
“Everyone should have a safe, affordable place to call home. In every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices. They’re pouring fuel on the fire of the affordable housing crisis that so many of our communities are facing, leaving working families behind. The housing in our neighborhoods should be homes for people, not profit centers for Wall Street. It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a home in their community at a price they can afford.”
I couldn’t agree more. I’d like the Senator to immediately sign on to this bill as a co-sponsor. Thanks.
▶ First sent on December 12, 2022 by Jess Craven
