Reps. Lee, Khanna, Takano, and Tokuda Reintroduce the Stop Wall Street Landlords Act

(Bill Text)

WASHINGTON, D.C. - JANUARY 20, 2026 - Today, Congresswoman Summer L. Lee (PA-12)alongside Representatives Ro Khanna (CA-17), Mark Takano (CA-39), and Jill Tokuda (HI-02), reintroduced the Stop Wall Street Landlords Act, legislation aimed at ending large institutional investors' ability to use taxpayer dollars to subsidize the acquisition of single-family homes and drive up housing costs for working families.

Since 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. In Pennsylvania and across the country-particularly in states like California, Nevada, Florida, and Georgia where corporate landlords own large concentrationsof single-family rental homes-investors are driving up rents and pricing families out of stable housing and homeownership opportunities.

"Here in Pittsburgh and across Western Pennsylvania, I've seen too many families living in homes owned by some distant investor who treats them like a paycheck instead of people," said Rep. Summer Lee. "Investors are buying up single-family homes and affordable buildings and squeezing our communities, leaving families to live in conditions no one should ever have to endure. This is the result of a system that subsidizes corporate landlords while everyday people struggle to find a safe, stable place to call home. The Stop Wall Street Landlords Act is about stopping that exploitation, so homes belong to the people who live in them, not wealthy investors driving up costs and pushing families out of their own neighborhoods."

"Homes should be owned by people, not wealthy corporate landlords who are buying up single-family homes and pushing the dream of homeownership out of reach for too many Americans,"said Rep. Ro Khanna. "I'm proud to lead this effort to put affordable housing for families first. If President Trump is serious about taking on Wall Street landlords, Congress should pass my bill and he should sign it into law."  

Big investors have spent years driving up housing costs,"said Rep. Mark Takano. "I've heard from countless constituents who feel the dream of homeownership is now permanently out of reach. I'm proud to co-lead this bill with Reps. Khanna, Lee, and Tokuda to put people over profits and keep corporations out of the single-family housing market while ensuring those creating affordable housing can continue their work."

"In Hawaiʻi, too many hardworking families are getting priced out of paradise," said Rep. Jill Tokuda. "They're barely staying afloat working numerous jobs and living in multigenerational homes, but still can't afford to stay in the communities they grew up in, while Wall Street investors and billionaires buy houses and land they'll never live in. That's why I'm proud to co-lead the Stop Wall Street Landlords Act with Representatives Khanna, Takano, and Lee because housing should work for people, not corporate profits. This bill takes real steps to keep large investors out of our neighborhoods and make homeownership more affordable so families can stay, put down roots, and thrive."

"Corporate landlords have priced out an entire generation," said Rep. Maxwell Frost. "The Stop Wall Street Landlords Act is a real step toward restoring fairness in our housing market and making sure families, not Wall Street, shape our communities."

"For far too long, the American dream has been confined to wishful thinking for millions of hard-working people," said Watson Coleman. "No one trying to build a life for themselves and their families should suffer from housing instability while corporations monopolize the market. Democrats have been hard at work fighting for solutions to solve the affordability crisis. It's time for Republicans to step up and work with us to pass this legislation."

"As people in my district and around the country already know, the rent is too damn high," said Congressman Jesús "Chuy" García. "Renters are already facing the destabilizing effects of algorithmic pricing schemes, gentrification, and now, here come the Wall Street companies scooping up all the housing stock to jack prices up even higher. I'm proud to co-sponsor the Stop Wall Street Landlords Act because the U.S. government should not subsidize Wall Street landlords, and because we need to invest in affordable housing for those who need it most."

Specifically, the Stop Wall Street Landlords Act will:

• End large institutional investors' ability to benefit from tax breaks reserved for homeowners - namely mortgage interest, insurance, and depreciation deductions. 
• Direct 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 - or any interest in such a mortgage - 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.
• Legislate 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.
• Promote the use of transfer tax revenue and deduction tax savings to fund the Housing Trust Fund, which enables affordable housing construction and preservation.

The 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.

Cosponsors:Representatives Summer Lee, Mark Takano, Jill Tokuda, Maxwell Frost, Bonnie Watson Coleman, Jonathan L. Jackson, Chris Deluzio, Jesús "Chuy" García, Rashida Tlaib, Lateefah Simon, Robin Kelly, Shri Thanedar.

Endorsing groups: Consumer Action, ACCE Action, Destination: Home, National Consumer Law Center, Private Equity Stakeholder Project.

For the full text of the bill, click here.

Congresswoman Summer Lee serves on the House Committee on Oversight and Government Reform and the Committee on Education and Workforce. Since taking office in January 2023, shehas delivered historic levels of federal investment totaling over $2.4 Billionbrought back to Western PA, including over $580 million for infrastructure, over $110 million for affordable transit, over $500 million to keep clean energy manufacturing at home in Pennsylvania, and over $55 million on clean energy efforts in and around schools to help keep our kids and communities safe. These investments will help improve Western Pennsylvania's infrastructure and transit, ensure cleaner air and drinking water, lower housing costs, fund research institutions, fuel clean manufacturing, fund STEM innovation and entrepreneurship, boost workforce development, and create thousands of good paying union jobs.  Lee and her team have also delivered casework and constituent services to over 3,000 constituents with issues ranging from helping our seniors and disabled community access Medicare and social security to helping folks secure housing and helping families with immigration support and passports.