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S3937119th CongressWALLET

Homes for American Families Act

Sponsored By: Senator Josh Hawley

Introduced

Summary

Creates a civil ban on certain large or controlled entities buying residential real estate. This bill would add a new Section 9 to the Sherman Act that treats purchases of defined residential properties by specified institutional investors as a civil restraint of trade and directs the Justice Department to prioritize review and enforcement. It would take effect 90 days after enactment.

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  • Households and homebuyers: Purchases of single-family homes, condominiums, townhouses, and land zoned for those uses by covered entities would be treated as civil antitrust violations, changing who can legally acquire those properties on or after the effective date.
  • Covered investors: "Covered entities" include real estate investment trusts, insurance companies, and investment companies or private funds with at least $150 million in assets under management. The bill sets aggregation rules for calculating that $150 million threshold.
  • Enforcement and builders: The Justice Department's Antitrust Division would be asked to prioritize reviews of covered-entity purchases and target coordination on vacancy, pricing, and other anticompetitive practices. The prohibition does not apply to homebuilders, developers, or redevelopers when units are being sold to buyers who are not barred under the rule.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Ban on large firms buying homes

If enacted, the bill would treat purchases of most homes by certain large or related investment firms as a civil restraint of trade. A "covered entity" would include REITs, insurers, or investment funds with $150,000,000 or more in assets under management, and related companies are counted together for that test. "Residential real estate" would include single-family homes, condominiums, townhouses, and land zoned for those homes. The rule would be civil only, would exempt builders or developers building homes for buyers who can legally buy them, and would apply to purchases on or after the section's effective date, which would be 90 days after enactment.

DOJ to target big buyer conduct

If enacted, the bill would direct the Justice Department Antitrust Division to prioritize review of covered-entity home purchases for harms to competition. DOJ would also prioritize enforcement, as appropriate, against coordinated vacancy, pricing strategies, and other anti-competitive practices by covered entities in local housing markets. This would focus federal antitrust attention on big firms that buy many homes.

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Sponsors & CoSponsors

Sponsor

Josh Hawley

MO • R

Cosponsors

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 2/26/2026

Roll Call Votes

No roll call votes available for this bill.

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