Wall Street’s increasing control of single-family residential homes nationwide is closing the road to homeownership for countless families, making the American Dream harder than ever to achieve. Taxpayer-funded programs, including loans from the Federal Housing Finance Agency, have given Wall Street additional tools to pull the rug out from under us. Without access to homeownership opportunities, wealth inequality between America’s elites and everyone else only grows.
The Stop Wall Street Landlords Act of 2022 would ban private equity firms from obtaining loans backed by the Federal Housing Finance Agency and related government entities for the purchase of single-family residential homes, while also cutting off taxpayer funding for existing loans. With these tax savings, the federal government would then establish neighborhood homes tax credits to offset the cost of constructing or rehabilitating owner-occupied homes for states and local governments.
If we hope to combat the growing inequality between the elites and everyday Americans, we must start by giving people a chance to build wealth through homeownership. And that means putting an end to Wall Street’s real estate grab.
Sign if you agree: It’s time to put a stop to Wall Street landlords.