Protecting against housing price gouging and exploitation
This act aims to protect citizens from unfair price increases in rental and home sales during housing crises. It prohibits excessive price hikes when the Secretary of Housing and Urban Development declares a crisis. This measure seeks to maintain housing affordability and prevent exploitation of difficult market conditions.
Key points
Prohibits unconscionable price increases for residential rentals and single-family home sales during declared housing crises.
Establishes a Housing Monitoring and Enforcement Unit within HUD to track market data and identify manipulation.
Mandates investigations into excessive housing purchases by large investors that may displace individual homeowners.
Imposes limitations on Fannie Mae and Freddie Mac investments in multifamily rental housing to protect tenants from egregious rent increases.
Funds collected from penalties for violations will be used to support affordable housing for low-income families.
Status:
Introduced
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