www.nytimes.com
Open in
urlscan Pro
151.101.129.164
Public Scan
URL:
https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html
Submission: On February 13 via manual from US — Scanned from US
Submission: On February 13 via manual from US — Scanned from US
Form analysis 2 forms found in the DOM
POST https://nytimes.app.goo.gl/?link=https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html&apn=com.nytimes.android&amv=9837&ibi=com.nytimes.NYTimes&isi=284862083
<form method="post" action="https://nytimes.app.goo.gl/?link=https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html&apn=com.nytimes.android&amv=9837&ibi=com.nytimes.NYTimes&isi=284862083"
data-testid="MagicLinkForm" style="visibility: hidden;"><input name="client_id" type="hidden" value="web.fwk.vi"><input name="redirect_uri" type="hidden"
value="https://nytimes.app.goo.gl/?link=https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html&apn=com.nytimes.android&amv=9837&ibi=com.nytimes.NYTimes&isi=284862083"><input name="response_type"
type="hidden" value="code"><input name="state" type="hidden" value="no-state"><input name="scope" type="hidden" value="default"></form>POST https://nytimes.app.goo.gl/?link=https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html&apn=com.nytimes.android&amv=9837&ibi=com.nytimes.NYTimes&isi=284862083
<form method="post" action="https://nytimes.app.goo.gl/?link=https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html&apn=com.nytimes.android&amv=9837&ibi=com.nytimes.NYTimes&isi=284862083"
data-testid="MagicLinkForm" style="visibility: hidden;"><input name="client_id" type="hidden" value="web.fwk.vi"><input name="redirect_uri" type="hidden"
value="https://nytimes.app.goo.gl/?link=https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html&apn=com.nytimes.android&amv=9837&ibi=com.nytimes.NYTimes&isi=284862083"><input name="response_type"
type="hidden" value="code"><input name="state" type="hidden" value="no-state"><input name="scope" type="hidden" value="default"></form>Text Content
Skip to contentSkip to site index Search & Section Navigation Section Navigation SEARCH Real Estate SUBSCRIBE FOR $1/WEEKLog in Tuesday, February 13, 2024 Today’s Paper SUBSCRIBE FOR $1/WEEK Real Estate|New Legislation Proposes to Take Wall Street Out of the Housing Market https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html * Share full article * * Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT NEW LEGISLATION PROPOSES TO TAKE WALL STREET OUT OF THE HOUSING MARKET A bill introduced in the House and Senate would prevent hedge funds from owning single-family houses in the United States. * Share full article * * * Read in app Homes inside the Bradfield Farms subdivision on the east side of Charlotte, N.C.Credit...Logan R. Cyrus for The New York Times By Ronda Kaysen Dec. 6, 2023 Democrats in Congress have introduced a bill in both houses of Congress on Tuesday to ban hedge funds from buying and owning single-family homes in the United States. The bill would require hedge funds, defined as corporations, partnerships or real estate investment trusts that manage funds pooled from investors, to sell off all the single-family homes they own over a 10-year period, and eventually prohibit such companies from owning any single-family homes at all. During the decade-long phaseout period, the bill would impose stiff tax penalties, with the proceeds reserved for down-payment assistance for individuals looking to buy homes from corporate owners. If signed into law, the legislation, called the End Hedge Fund Control of American Homes Act of 2023, could upend a growing sector of the housing market, and potentially increase the supply of single-family homes available for individual buyers. Homeownership, long a cornerstone of generational wealth in the United States, is increasingly out of reach for Americans as home prices and interest rates soar. “You have created a situation where ordinary Americans aren’t bidding against other families, they’re bidding against the billionaires of America for these houses,” said Senator Jeff Merkley of Oregon, who introduced the bill with Representative Adam Smith of Washington. “And it’s driving up rents and it’s driving up the home prices.” Advertisement SKIP ADVERTISEMENT In separate legislation, Representatives Jeff Jackson and Alma Adams of North Carolina, both Democrats, introduced the American Neighborhoods Protection Act on Wednesday. That bill would require corporate owners of more than 75 single-family homes to pay an annual fee of $10,000 per home into a housing trust fund to be used as down payment assistance for families. With a divided Congress, the bills are unlikely to pass into law this session. But Mr. Smith said legislators needed to start a conversation. Subscribe to The Times to read as many articles as you like. Ronda Kaysen is a real estate reporter for The Times, covering the housing market and home design trends. More about Ronda Kaysen A version of this article appears in print on Dec. 8, 2023, Section B, Page 3 of the New York edition with the headline: Bill Would Take Wall St. Out of Housing Market. Order Reprints | Today’s Paper | Subscribe * Share full article * * * Read in app Advertisement SKIP ADVERTISEMENT SITE INDEX SITE INFORMATION NAVIGATION * © 2024 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Enjoy unlimited access to all of The Times. See subscription options