President Trump is calling on Congress to take action to protect traditional home ownership and curb corporate investment in single-family homes. In a Truth Social post on Wednesday, Trump stated his goal of preserving the American Dream and making home ownership an attainable goal for working families.
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream,” President Trump said.” Trump pointed to soaring inflation under the Biden administration as the main hurdle that now pushes home ownership further out of reach for many Americans.
“It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” President Trump said.
President Trump followed by announcing a plan to increase the accessibility of homeownership by restricting the purchase of single-family homes by large institutional investors and urging Republican lawmakers to take action on the issue.
“It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it,” President Trump said.
The increase in single-family home purchases by investors has drawn the attention of both Congress and state lawmakers in recent years. Multiple states have introduced legislation to restrict home purchases by investment groups, on the basis that such purchases restrict supply and increase prices for individual home buyers.
Although these measures appear to have popular support, they have made limited progress. Opponents of such bills include advocates for the home rental industry, who cite the lack of new construction as one of the root causes of the housing affordability crisis.
The reforms proposed by President Trump would likely be met with strong opposition from investment firms. However, Trump’s plan is consistent with his stated agenda to aggressively reform the housing market. President Trump finished his statement by reaffirming his commitment to improving affordability for individual Americans and promised to elaborate on his plan in the coming weeks.
“People live in homes, not corporations,” President Trump said. “I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks.”
