OR Senator Jeff Merkley proposes to end hedge fund monopolization of housing

[jmbar2]

The percentage of Oregon homes sold to investors vs. families increased by 67% between 2020 and 2021. In 2021, investors bought 20% of homes sold in Oregon, a total of 16,781 homes.

...the End Hedge Fund Control of American Homes Act bans hedge funds and private equity investors from owning large numbers of homes by establishing an annual $20,000 federal tax penalty for each single family home owned by a single company and its affiliates over 100 homes. The bill allows companies with large portfolios to sell homes over several years to come into compliance so there’s an orderly exit, and includes incentives to make sure buyers of divested homes are ordinary people who will live in the home. The tax penalties collected will be used to provide down payment assistance to homebuyers.

https://www.merkley.senate.gov/news/press-releases/what-theyre-saying-oregon-leaders-respond-to-merkleys-bill-banning-hedge-fund-investors-from-inflating-an-already-unattainable-housing-market

It's about time! Jeff is an awesome senator for the people.

[yonder]

1. Excellent move, Senator.

[alwaysinasnit]

2. k&r for visibility

[MichMan]

3. Wouldn't it also apply to developers building new housing subdivisions?

If they were over 100 homes in size, would they be forced to stop construction until those are all finished and sold before resuming ?

Seems like those creating new housing stock would fall under the same category as those buying existing homes.