President Trump signed an executive order on Tuesday aimed at stopping large Wall Street investors from buying and owning single-family homes, framing the move as part of his broader push to restore affordability ahead of the November midterm elections.
“Buying and owning a home has long been considered the pinnacle of the American dream and a way for families to invest and build lifetime wealth,” Trump’s order states. “But because of the recent high inflation and interest rates caused by the previous administration, that American dream has been increasingly out of reach for too many of our citizens, especially first-time homebuyers.”
Trump argued that “large” Wall Street investors have been purchasing a “growing share of single-family homes,” creating direct competition with “hardworking young families” who are trying to buy their first home.
“Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests,” Trump said. “People live in homes, not corporations. My Administration will take decisive action to stop Wall Street from treating America’s neighborhoods like a trading floor and empower American families to own their homes.”
Under the order, the Treasury Department will have 30 days to develop “definitions of ‘large institutional investor’ and ‘single-family home.’” After that, Cabinet agencies are expected to issue guidance designed to prevent the federal government from “providing for, approving, insuring, guaranteeing, securitizing, or facilitating the acquisition by large institutional investors” of single-family homes.
The order also directs Attorney General Pam Bondi and Federal Trade Commission Chair Andrew Ferguson to review major acquisitions by heavy investors and “prioritize enforcement of the antitrust laws, as appropriate, against coordinated vacancy and pricing strategies by large institutional investors in local single-family home rental markets,” according to the text.
Trump had previously signaled the policy shift earlier this month, writing on Truth Social that he was already “taking steps” to implement the ban and would urge Congress to lock it into law permanently.
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream,” Trump wrote. “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.”
Real estate investment trusts and private equity firms have increasingly purchased large numbers of single-family homes, many of which are later used as rentals—an approach critics say reduces supply, drives up prices, and puts ordinary homebuyers at a disadvantage.
With Republicans emphasizing affordability heading into the midterms, Trump and GOP lawmakers have argued inflation is easing and that economic conditions are improving. Still, many Americans remain skeptical that prices have come down in a meaningful way. Trump acknowledged Tuesday that the administration may have struggled to communicate its progress effectively, suggesting it could have “bad public relations people” responsible for selling the administration’s economic achievements.
