Homes for American Families Act

The "Homes for American Families Act" proposes to amend the Sherman Act by adding a new section that prohibits certain entities from purchasing residential real estate. This legislation defines "covered entities" to include real estate investment trusts, insurance companies, and investment companies or private funds with assets under management of at least $150,000,000. Residential real estate encompasses single-family homes, condominiums, townhouses, and land zoned for such development. Any purchase by a covered entity of these property types would be considered a civil violation of trade restraint.

However, the prohibition includes an exception for homebuilders, developers, or redevelopers if the units are constructed for ownership by individuals or entities not otherwise prohibited. The bill mandates that the Assistant Attorney General of the Antitrust Division prioritize scrutiny and enforcement against anti-competitive practices by covered entities in local residential real estate markets. These provisions will take effect 90 days after the bill's enactment, aiming to curb corporate ownership of housing.