CATSKILLS- Congressman Josh Riley (D-NY19) introduced legislation aimed at limiting large investors’ ability to purchase affordable homes and prioritizing homeownership for families and local communities.
The proposed Families First Housing Act would restrict Wall Street firms from buying certain federally connected single-family homes by creating a 180-day “first look” period. During that time, families, nonprofit organizations, and local governments would have exclusive access to purchase eligible properties before institutional investors are allowed to bid.
Riley said the legislation responds to growing concerns that hedge funds and large investment firms are pricing working families out of the housing market by buying homes in bulk.
According to housing market data cited by the lawmakers, nearly 27 percent of all homes sold in the first quarter of 2025 were purchased by investors. Projections indicate institutional investors could own as many as 7.6 million homes, more than 40 percent of all single-family rentals, by 2030.
This week President Donald Trump expressed public concern about institutional investors’ impact on housing affordability noting that he was prioritizing restoring access to homeownership for working families.
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