This bill would change the Investment Company Act of 1940 to stop very large investment companies from buying single family houses. Starting 100 days after the law is passed, a "large-scale company" could not buy any single family residence. A large-scale company is a registered investment company or private fund with more than $100,000,000,000 in assets under management. The bill also says a large-scale company may not buy equity in a "qualified issuer" if that purchase would give the company more than 49% ownership. A "qualified issuer" is an issuer that owns more than 100 single family residences. The bill defines a single family residence as one dwelling unit built for one household that functions as an independent living space without shared walls or shared utilities, and it excludes condominium or cooperative units.
No publicly available information about costs to the federal government, state or local governments, or private parties is included in the bill text or metadata.
The sponsors introduced the bill to amend the Investment Company Act to prohibit very large registered investment companies and private funds from purchasing single family residences or gaining controlling stakes in companies that own large numbers of such homes.
No publicly available information about opponents' views is included in the bill text or metadata.