Protecting Consumers from Housing Price Gouging During Affordability Crises.
This law aims to shield citizens from unfair price increases in residential rentals and single-family home sales during officially declared affordable housing crises. It prohibits charging unconscionably excessive prices that exploit market circumstances. Furthermore, the act mandates federal agencies to monitor the market for manipulation by large institutional investors and to identify unfair tenant screening practices.
Key points
Temporary ban on unconscionably excessive pricing (price gouging) for rentals and home sales when the HUD Secretary declares an affordable housing crisis.
HUD must investigate and monitor large institutional investors purchasing single-family homes to prevent market manipulation and unfair practices.
New standards for Fannie Mae and Freddie Mac investments in rental housing are established to ensure basic renter protections and prevent egregious rent hikes.
Penalties collected from violations will be deposited into the Housing Trust Fund to increase housing supply for low-income families.
Status:
Introduced
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