Protect Homeownership Support the 'End Hedge Fund Control of American Homes Act'

I am writing to express my strong support for the "End Hedge Fund Control of American Homes Act," recently introduced by Senator Jeff Merkley and Representative Adam Smith. This important legislation addresses a critical issue affecting our communities: the large-scale purchase of single-family homes by hedge funds, private equity firms, and investment trusts. The increasing acquisition of single-family homes by corporate investors has significantly impacted homeownership opportunities, especially in Black and Latino neighborhoods. As the Urban Institute report highlights, there has been a dramatic increase in single-family homes owned by institutional investors, affecting the fabric of our communities and housing market. The proposed bill, which mandates a 10-year divestment period for large funds from single-family home ownership, is a step in the right direction. It aims to restore the opportunity for individual homeownership and prevent a future where vast segments of our neighborhoods are owned by faceless corporations. Moreover, the bill's provisions for imposing taxes on funds that fail to comply with the divestment timeline, with revenues directed to a housing down payment trust fund, are both innovative and necessary. This approach not only incentivizes compliance but also supports prospective homeowners. I urge you to support this bill and advocate for its passage in Congress. Our communities need legislation that prioritizes the needs of families and individuals over corporate profits, ensuring a healthy and balanced housing market for all. Thank you for considering my views on this important matter.