# 119-s-788: HOPE (Humans over Private Equity) for Homeownership Act

119-s-788, HOPE (Humans over Private Equity) for Homeownership Act, is a 119th Congress bill sponsored by Sen. Merkley, Jeff [D-OR] (D-OR); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-788
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-788
- Congress: 119
- Title: HOPE (Humans over Private Equity) for Homeownership Act
- Status: introduced
- Introduced: 2025-02-27
- Sponsor: Sen. Merkley, Jeff [D-OR] (D-OR)
- Cosponsors: 6
- Policy area: Taxation
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**Excise taxes and ownership limits on investor-held single-family homes.** This bill would target large pooled investors by taxing purchases of 1–4 unit homes, charging annual fees for holding too many, and blocking key tax breaks for liable owners. - Hedge funds and large pooled investors would pay a purchase tax on any newly acquired single-family residence equal to the greater of **15% of the purchase price** or **$10,000**. A "hedge fund taxpayer" is defined to include pooled investors with at least **$50 million** in net value or assets under management. - Applicable pooled-entity owners would face a yearly excise of **$5,000** for each single-family residence they hold above a changing maximum. The bill phases down permitted holdings over a roughly nine-year schedule that ends at 0% for hedge funds and at 50% for other applicable entities. - Owners subject to these excise rules would no longer be able to deduct mortgage interest or take depreciation for those single-family residences in taxable years after enactment.

## Cosponsors (6)

- Sen. King, Angus S., Jr. [I-ME] (I-ME), 2025-02-27T00:00:00.000Z
- Sen. Van Hollen, Chris [D-MD] (D-MD), 2025-02-27T00:00:00.000Z
- Sen. Gallego, Ruben [D-AZ] (D-AZ), 2025-02-27T00:00:00.000Z
- Sen. Sanders, Bernard [I-VT] (I-VT), 2025-02-27T00:00:00.000Z
- Sen. Kelly, Mark [D-AZ] (D-AZ), 2025-02-27T00:00:00.000Z
- Sen. Heinrich, Martin [D-NM] (D-NM), 2026-02-05T00:00:00.000Z

## Provisions PRIA read

- Annual $5,000 tax on excess homes: cost, high. This bill would impose an annual excise of $5,000 for each single-family home an applicable taxpayer owns above a yearly cap. The cap is based on a baseline count and phases down each year (for hedge funds: 90% in year 1, 80% in year 2, down to 0% after year 9). A home sold in a "disqualified sale"…
- Higher buy tax for hedge funds: cost, high. This bill would require hedge fund taxpayers who buy a single-family home after enactment to pay a one-time tax equal to the larger of 15% of the home's purchase price (its adjusted basis) or $10,000. "Hedge fund taxpayer" means an applicable taxpayer meeting the bill's $50 million asset or net val…
- Investors lose mortgage interest and depreciation: cost, high. This bill would disallow two tax deductions for any owner liable under Chapter 50B for a taxable year. Covered owners could not deduct mortgage interest on acquisition loans for affected single-family homes. They also could not claim depreciation under section 167 for those homes for that taxable y…
- Which investors and homes are covered: cost, medium. This bill would define who the rules apply to and what counts as a covered home. "Applicable taxpayer" covers entities that manage pooled investor funds and act as fiduciaries, with exclusions for 501(c)(3) charities and builders that sell newly built homes. A "hedge fund taxpayer" is any applicabl…

## Related bills

- 119-s-5108: Right to IVF Act of 2026
- 119-s-1503: Equality Act
- 119-s-2295: Child Care for Working Families Act
- 119-s-852: Richard L. Trumka Protecting the Right to Organize Act of 2025
- 119-s-2150: Women’s Health Protection Act of 2025
- 119-s-997: Rights for the TSA Workforce Act

## Sources
- [119-s-788 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/788)

## Related
- [119-s-5108: Right to IVF Act of 2026](https://policyrisk.com/legislation/119-s-5108)
- [119-s-1503: Equality Act](https://policyrisk.com/legislation/119-s-1503)
- [119-s-2295: Child Care for Working Families Act](https://policyrisk.com/legislation/119-s-2295)
- [119-s-852: Richard L. Trumka Protecting the Right to Organize Act of 2025](https://policyrisk.com/legislation/119-s-852)
- [119-s-2150: Women’s Health Protection Act of 2025](https://policyrisk.com/legislation/119-s-2150)
- [119-s-997: Rights for the TSA Workforce Act](https://policyrisk.com/legislation/119-s-997)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-788 (as of 2026-04-21).