Bill > HR9246

This bill, the Stop Wall Street Landlords Act of 2022, has several key provisions: 1. It disallows certain deductions, such as mortgage interest and depreciation, for specified large investors (those with over $100 million in assets) when owning single-family homes. This aims to discourage large investors from purchasing and renting out single-family homes. 2. It imposes an excise tax equal to the sale price on transfers of single-family homes by specified large investors. This is intended to discourage these investors from flipping single-family homes for profit. 3. It creates a new "neighborhood homes tax credit" to incentivize the construction and rehabilitation of owner-occupied homes in low-income areas. The credit is based on the development costs of the home, subject to certain limits. 4. It prohibits government-sponsored enterprises like Fannie Mae and Freddie Mac, as well as the Government National Mortgage Association (Ginnie Mae), from purchasing or guaranteeing mortgages for single-family homes owned by specified large investors. This aims to limit the access of large investors to government mortgage assistance. The overall goal of the bill is to make it more difficult and less profitable for large Wall Street-backed investors to purchase and rent out single-family homes, while incentivizing the development of owner-occupied homes in underserved communities.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/9246/all-info