{"database": "press", "table": "releases", "rows": [["https://deluzio.house.gov/media/press-releases/congressman-deluzio-cosponsors-legislation-rein-corporate-landlords-and-lower", "Congressman Deluzio Cosponsors Legislation to Rein in Corporate Landlords and Lower Housing Costs", "2024-10-26", "2024", "2024-10", "Democrat", "House", "PA", "Christopher R. Deluzio", "D000530", "deluzio.house.gov", "deluzio", "https://deluzio.house.gov/media/press-releases", "scraper", "CARNEGIE, PA \u2013 This week, Representatives Chris Deluzio (PA-17) joined as an original co-sponsor of the Stop Wall Street Landlords Act reintroduced by Ro Khanna (CA-17), Katie Porter (CA-47), and Mark Takano (CA-39). This bill would end large institutional investors\u2019 ability to use taxpayer dollars to subsidize the acquisition of single-family residential homes.\n\nSince the 2008 housing crash and subsequent foreclosure crisis, increased investor activity in America's housing market has normalized excessive fees and abusive practices while artificially driving up housing and rent prices. Investors bought 18% of all homes that sold in the fourth quarter of this year and 26% of the most affordable homes. In California, Nevada, Florida, Georgia, and other states where corporate landlords own a large concentration of single-family homes used as rental properties, investors are driving up the cost of rent.\n\n\u201cLow- and middle-income families in Western PA and across the country are being pushed out because of predatory practices by large corporate landlords buying up homes in our communities,\u201d said Representative Chris Deluzio (PA-17). \u201cToo many Wall Street investors are not good landlords; they have neglected maintenance, local taxes, and more\u2014all while taking homes off the market. That is why I am proud to be an original co-sponsor of the Stop Wall Street Landlords Act\u2014to help level the playing field and bring down housing costs in America.\"\n\n\u201cHomes should be owned by people, not wealthy corporate landlords who are buying up affordable single-family homes and pushing the dream of homeownership out of reach for ordinary Americans,\u201d said Rep. Ro Khanna (CA-17). \u201cAffordable housing is one of the most pressing issues in my district and across the state. The Stop Wall Street Landlords Act will ensure that taxpayer dollars are not being used to fuel the housing crisis with more subsidies to corporate landlords. I\u2019m proud to lead this effort with Representatives Porter and Takano to put affordable housing for families first.\u201d\n\n\u201cAs a single mom of three, it\u2019s heartbreaking when my kids question whether they\u2019ll be able to afford a home in the future,\u201d said Rep. Katie Porter (CA-47). \u201cAmericans across the country, especially in my home state of California, are counting on lawmakers to lower the cost of housing. I\u2019m helping lead the Stop Wall Street Landlords Act to crack down on wealthy corporate landlords who drive up the cost of housing and push families out of the market\u2014all to line their own pockets. Every American deserves to have a fair shot at homeownership, and this bill will help level the playing field.\u201d\n\n\u201cWith big corporations and private equity using their pricing power to raise costs on everything from groceries to gas, it is no wonder they are also targeting single-family homes,\u201d said Rep. Mark Takano (CA-39). \u201cNot only are \u201cWall Street landlords driving up the cost of housing by monopolizing ownership of single-family residences, but they are doing so by using taxpayer dollars. It\u2019s time we put the people\u2019s bottom line first\u2014not private equity\u2019s. The Stop Wall Street Landlords Act, which I am proud to lead with Representatives Khanna and Porter, will keep corporations out of the single-family housing market for good.\u201d\n\n\u201cOwning a home has always been a big part of the American dream,\u201d said Rep. Bonnie Watson Coleman (NJ-12). \u201cBut because corporate investors buy up whole neighborhoods of single-family homes, leading to a rapid increase in the cost of housing, the idea of owning a home for many families across New Jersey remains just a dream. I\u2019m proud to co-sponsor the Stop Wall Street Landlords Act to put a stop to this predatory practice, and give everyone a fair shot at a stable future for themselves and their families.\u201d\n\nSpecifically, the Stop Wall Street Landlords Act will:\n\nEnd large institutional investors\u2019 ability to benefit from tax breaks reserved for homeowners \u2013 namely mortgage interest, insurance, and depreciation deductions.\n\nDirect the Federal Housing Financial Agency (FHFA) and related agencies Fannie Mae, Freddie Mac and Ginnie Mae to (a) prohibit large institutional investors from purchasing mortgages on single-family residential (SFR) homes \u2013 or any interest in such a mortgage \u2013 and (b) from newly lending on a security or securitizing any SFR mortgage under which the mortgagee meets the bill definition of a specified large investor.\n\nLegislate a federal real estate transfer tax of 100% of the sale value of each SFR in the possession of a specified large investor if SFRs are not sold within 18 months of bill enactment.\n\nPromote the use of transfer tax revenue and deduction tax savings to fund the Housing Trust Fund, which enables affordable housing construction and preservation.\n\nThe bill makes exceptions for mom-and-pop landlords, housing providers that participate in federal affordable housing programs, nonprofits and developers committed to building and supplying affordable single-family homes to owner occupiers in the American housing market.\n\nFor the full text of the bill, click here.\n\nCosponsors: Representatives Chris Deluzio, Katie Porter, Mark Takano, Ra\u00fal M. Grijalva, Maxwell Alejandro Frost, Barbara Lee, Sheila Cherfilus-McCormick, Bonnie Watson Coleman, Jonathan L. Jackson.\n\nEndorsing groups: California Democratic Renters Council, Churches United For Fair Housing, Consumer Action, Destination: Home, National Coalition for the Homeless, Private Equity Stakeholder Project, Sacramento Regional Coalition to End Homelessness.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:57:20Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://deluzio.house.gov/media/press-releases/congressman-deluzio-cosponsors-legislation-rein-corporate-landlords-and-lower"], "units": {}, "query_ms": 1.2065628543496132, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}