President Trump Addresses the Wall St. Single-Family Home Grab

President Trump responded to the affordability of home ownership today, undoubtedly inspired in part by the New York City communists in power, hoping to end private home ownership.

Large institutional investors have been buying up single-family homes, and he plans to ban the practice. Investors, like BlackRock, turn around and sell homes for increasingly higher prices or rent for exorbitant monthly rates.

He wants Congress to codify his ban. he will present other proposals to save the American Dream.

The President wrote on Truth Social:

For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans.

It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks.

Last year, according to the Wall Street Journal, Wall Street is buying up residential properties. Democrats welcome big investors and Kamala Harris ran on it.

The Wall Street Journal Reports:

Nationally, Wall Street landlords that have more than 1,000 units in their portfolios own just 1% of all of America’s family homes and 4% of all of the houses that are rented out. In most areas, their presence is still too small to have much effect on local housing dynamics. If current trends continue, though, their share of the market for single-family rentals could increase 10-fold by the end of the decade, MetLife Investment Management estimates.

There are a handful of U.S. neighborhoods where investors are densely clustered, particularly in Georgia, North Carolina, Florida and Texas. They have bought more than 1,000 homes in 53 zip codes, putting their ownership of the local housing stock anywhere from 4% to 12%, according to data from real-estate analytics firm Parcl Labs. The data includes some houses temporarily owned by builders, as well as foreclosed properties on banks’ books, but most are held by institutional landlords.

Wall Street housing investors tend to herd into the same neighborhoods because their algorithms spot the same opportunities. They screen the country for cities and towns with population growth and job openings—places where there is likely to be competition for homes. They prefer to own three-bedroom, suburban properties that are around 1,500 square feet in size and offer a convenient commute downtown. Young parents like these kinds of homes, and landlords like to rent to families because they become sticky tenants once their children enroll in local schools.

Wall Street landlords are also able to sift through reams of data to spot bargains. The 53 zip codes where they are most densely clustered offer cheap housing. The median single-family home price in these areas is $345,400, based on Redfin data—around a fifth below the national level. Rents, however, are only 3% below the national median.

Ideological Democrats want to eliminate the single-family home since many of the owners are Republican. Democrats are urbanized. This would be most acceptable to many of them.