Americans can’t afford to buy homes and they struggle to pay rent. Most of the problem is due to bad government policies, and some is due to Vanguard and BlackRock buying up real estate for profit. There is a new bill to cure all our problems.
Along comes Rep. Adam Smith and Sen. Jeff Merkley with a bicameral End Hedge Fund Control of American Homes Act of 2023. “This legislation responds directly and forcefully to a persistent and growing problem of what happens when Wall Street buys the homes on your block,” writes Smith. “The purchasing of single-family homes by hedge funds, especially in the current housing market, has made it more difficult for middle-class Americans to become homeowners and is contributing to America’s twin crises of housing affordability and wealth inequality.”
“After a 10-year full phase-out, all hedge funds will be completely banned from owning any single-family homes.”
“Senator Merkley argues the bill would improve housing affordability.
“The housing in our neighborhoods should be homes for people, not profit centers for Wall Street…”
In a press release, Merkley said, “It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at a price they can afford.”
He’s the government, and he’s here to help.
It’s a feel-good bill, and that’s all. Everything is for show in our government.
Aside from whatever hidden payoffs might be in it, assuming it’s not a Trojan Horse, it is likely a show bill.
One problem is you have to believe two incredible things to think this will ever take place. You have to believe the Uniparty is not in bed with Wall Street – our housing market overlords. Then you have to believe Joe Biden would sign it.
There’s another problem – the government is the biggest problem.
Let’s not forget that the government also owns a lot of our real estate. What do we do about them?
The bigger problem is zoning and the federal government is interfering in zoning and homebuilding.