Bill > HR7221

This bill, titled the "Stopping Wall Street From Competing With Main Street Homebuyers Act," aims to amend the Investment Company Act of 1940 to prevent certain large investment entities from buying single-family homes. Specifically, it prohibits "covered funds"—which include registered investment companies, real estate investment trusts, or private funds (investment companies that meet certain criteria to be exempt from registration) with over $500 million in assets under management, or those that have recently owned 100 or more single-family homes or purchased more than five in a 30-day period—from purchasing single-family homes starting 90 days after the bill becomes law. Furthermore, these covered funds will be required to sell off any single-family homes they currently own within 10 years, with a mandate to divest at least 10% of their holdings annually during that decade.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/7221/all-info