The bill would require the Comptroller General to study foreign purchases of residential real estate in the United States since January 1, 2015. The study would examine where purchases occur, ownership through shell companies or trusts, effects on housing affordability and availability, gaps in government data, and national security concerns, including proximity to sensitive sites. Within one year of enactment, the Comptroller General would submit a report to the Senate Finance Committee. The Housing and Urban Development Secretary would review the study and consult state and local housing authorities. Within 180 days after the study report is submitted, the Secretary would send Congress recommendations on ownership transparency, residents’ access to real estate transactions, and any needed legal or regulatory actions.
The bill calls for studies and recommendations. It does not itself set new rules for buying or owning residential property.
No publicly available information.
The bill’s findings cite concerns about limited information on foreign ownership, use of shell companies or trusts, possible effects on housing affordability, and national security. The proposed study would examine these issues.
No publicly available information.