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S3961119th CongressWALLET

Stop Post-Disaster Vultures Act

Sponsored By: Senator Sen. Schiff, Adam B. [D-CA]

Introduced

Summary

This bill would create a rule to _ban institutional investors from soliciting purchases of properties inside a declared major disaster area for six months after the declaration_. It defines an "institutional investor" as any person or entity that owns at least 75 single-family homes and covers offers sent by mail, interstate wire, or any other contact method.

Show full summary
  • Homeowners and families in declared disaster areas would face fewer direct purchase offers from large investors during the six-month post-declaration period.
  • Entities owning 75 or more single-family homes would be barred from making offers or other solicitations to buy properties in the affected area during that six-month window.
  • The prohibition applies to mail, interstate wire, and any other method of contact named in the text.
  • The provision includes a severability clause and the provided text does not specify penalties or enforcement mechanisms.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Ban on investor solicitations after disasters

If enacted, this bill would bar certain large owners from offering to buy property in a declared major disaster area for six months after the disaster declaration. For any taxable year, an "institutional investor" would be anyone who directly or indirectly owns 75 or more single-family homes. The ban would cover offers by mail, any interstate wire, or any other solicitation or method of contact for lots, parcels, or homes inside the disaster area. The text in this chunk does not specify penalties or an enforcement mechanism for the prohibition.

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Sponsors & CoSponsors

Sponsor

Sen. Schiff, Adam B. [D-CA]

CA • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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