Stop Post-Disaster Vultures Act
Sponsored By: Senator Schiff, Adam B. [D-CA]
Introduced
Summary
Bars large investors from soliciting home purchases in disaster zones for six months. The bill would define an institutional investor as anyone who owns at least 75 single‑family homes and would prohibit those investors from making offers or solicitations by mail, interstate wire, or any other contact in a declared major disaster area for six months after the declaration.
Show full summary
- Families and homeowners: Would prevent solicitation from big institutional buyers in their disaster‑hit neighborhoods for a six‑month period after a major disaster, limiting targeted purchase offers immediately after damage.
- Institutional investors: Would stop any individual or entity owning 75 or more single‑family homes from making purchase offers or using mail, interstate wires, or other solicitation methods in the affected area for six months.
- Local officials and market oversight: Would restrict post‑disaster acquisition activity by large holders of single‑family homes and includes a severability clause. The provision does not specify enforcement mechanisms or penalties in the text provided.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Ban big investors from post-disaster buys
If enacted, this bill would define an "institutional investor" as anyone who, in a taxable year, owns 75 or more single-family homes. For 6 months after a major disaster declared under section 401, it would bar those institutional investors from making offers to buy any lot, parcel, or home in the declared area. The ban would cover offers by mail, any interstate wire, or any other solicitation or contact method. This section does not specify penalties or an enforcement mechanism.
Sponsors & CoSponsors
Sponsor
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.
View on Congress.gov