Stopping Wall Street From Competing With Main Street Homebuyers Act

Stops big funds from buying homes

If enacted, the bill would bar covered funds from buying single-family homes starting 90 days after enactment. Covered funds that own single-family homes on the enactment date would have to sell at least 10% of those homes each year for ten years. Not later than 10 years after enactment, covered funds could not hold any single-family homes, directly or through subsidiaries or a parent company. A "covered fund" would mean a registered investment company, a REIT, or a private fund with more than $500 million in assets. Funds would also be covered if, during the one-year before enactment, they owned 100 or more single-family homes in the United States, or bought more than five single-family homes in a 30-day period. A "single-family home" would mean a residential structure or mobile home that contains one family housing unit.