Stop Wall Street Landlords Act: Restricting Large Investors in Single-Family Housing.
This bill targets large corporate investors (net assets over $100 million) owning single-family homes (1-4 units) by eliminating key tax deductions like mortgage interest and depreciation. It also imposes an excise tax equal to the full sale price upon transfer, effectively forcing these entities out of the market. The goal is to reduce corporate competition for housing, potentially making homes more accessible to individual buyers, while directing penalty funds toward affordable housing for low-income families.
Key points
Large investors (net assets over $100 million) are prohibited from deducting mortgage interest, insurance, and depreciation costs related to single-family homes.
A massive excise tax (100% of the sale price) is imposed on the sale of single-family homes by these large investors, aiming to discourage their ownership.
Federal mortgage agencies (Fannie Mae, Freddie Mac, Ginnie Mae) are banned from providing assistance or guarantees related to mortgages held by these specified large investors.
Funds collected from the new excise tax will be dedicated to the Housing Trust Fund to increase the supply of affordable rental housing for extremely low-income families.
Status:
Introduced
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