Democrats in Congress introduced a bill in both houses of Congress on Tuesday to ban hedge funds from buying and owning single-family homes in the United States. If signed into law, the legislation, called End Hedge Fund Control of American Homes Act of 2023, could upend a growing sector of the housing market, and potentially make more single-family homes available to individual buyers. In one neighborhood in East Charlotte, Wall Street-backed investors bought half of the homes sold in 2021 and 2022. Wall Street entered the single-family rental market by snapping up homes in foreclosure after the 2008 housing crisis. Despite the housing market slowing, investors remain active, buying 26 percent of single-family homes sold in June 2023, according to data analytics company CoreLogic.

Source: New York Times December 23, 2023 18:42 UTC