President Donald Trump said Wednesday that he intends to ban large institutional investors from buying additional single-family homes.
“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,” Trump wrote in a post on social media.
Large institutional investors such as Blackstone, JPMorgan Chase, and other banks and investment firms have increasingly snapped up family homes in recent years, eyeing rising returns on home prices. These investors often buy and rent out homes, and their presence grew after the foreclosure wave during the Great Recession in 2008, particularly in the Sun Belt states.
Shares of Blackstone fell by as much as 9% on Wednesday after the president’s social media post.
Click here to read the rest of the article written by Nathaniel Meyersohn over at Washington Post
