Stopping Wall Street From Competing With Main Street Homebuyers Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7221 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 7221

 To amend the Investment Company Act of 1940 to prohibit certain large 
   private funds and registered investment companies from purchasing 
                          single family homes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 22, 2026

  Mrs. Luna introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Investment Company Act of 1940 to prohibit certain large 
   private funds and registered investment companies from purchasing 
                          single family homes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stopping Wall Street From Competing 
With Main Street Homebuyers Act''.

SEC. 2. RESTRICTIONS ON PURCHASING SINGLE FAMILY HOMES.

    The Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is 
amended by inserting after section 12 the following:

``SEC. 12A. RESTRICTIONS ON PURCHASING SINGLE FAMILY HOMES.

    ``(a) In General.--Beginning on the date that is 90 days after the 
date of the enactment of this section, a covered fund may not purchase 
a single family home.
    ``(b) Divestment Required.--
            ``(1) In general.--Not later than 10 years after the date 
        of the enactment of this section, a covered fund may not hold 
        (including through a subsidiary or parent company) any single 
        family homes.
            ``(2) Phased divestment.--In the case of a covered fund 
        that holds single family homes on the date of the enactment of 
        this section, such fund shall, annually for the 10-year period 
        following such date of enactment, divest of at least 10 percent 
        of such single family homes.
    ``(c) Definitions.--In this section:
            ``(1) Covered fund.--The term `covered fund' means a 
        registered investment company, real estate investment trust, or 
        private fund--
                    ``(A) with more than $500,000,000 in assets under 
                management; or
                    ``(B) that, during the 1-year period before the 
                date of the enactment of this section--
                            ``(i) owned 100 or more single-family homes 
                        in the United States; or
                            ``(ii) purchased more than 5 single-family 
                        homes in the United States in a 30-day period.
            ``(2) Private fund.--The term `private fund' means an 
        issuer that would be an investment company, but for paragraph 
        (1) or (7) of section 3(c).
            ``(3) Single family home.--The term `single family home' 
        means a residential structure or mobile home which contains one 
        family housing unit.''.
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