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Rep. Khanna reintroduces bill to lower housing costs
“By reining in corporate landlords, we’re putting affordable housing for families first,” Khanna stated.
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Indian American Congressman Ro Khanna / Image- khanna.house.gov
Indian American Congressman Ro Khanna has reintroduced the Stop Wall Street Landlords Act, a bill aimed at curbing corporate landlords’ dominance in the U.S. housing market and addressing the rising costs of homes and rent.
Jointly introduced by Representatives Katie Porter and Mark Takano, Khanna's legislation seeks to prevent large institutional investors from using taxpayer funds to acquire single-family homes, which has contributed to the ongoing housing affordability crisis.
“Affordable housing is one of the most pressing issues in my district and across the state,” said Rep. Khanna, whose district, which includes Silicon Valley, has been hit particularly hard by rising housing costs driven by investor activity.
“Homes 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,” he asserted.
Homes should be owned by people, not private equity.
— Rep. Ro Khanna (@RepRoKhanna) October 22, 2024
Today I reintroduced my bill, the Stop Wall Street Landlords Act, with @RepKatiePorter and @RepMarkTakano, to rein in corporate landlords who are buying up single-family homes. https://t.co/WAVTDc0X2O
According to a news release by his office, since the 2008 housing crisis, corporate landlords have bought a significant portion of homes across the country, including 18 percent of all homes sold in the last quarter of 2023, making homeownership unattainable for many families.
The bill would prohibit large investors from accessing tax benefits intended for homeowners and bar them from using government-backed loans to finance home purchases. It would also impose a 100 percent real estate transfer tax on homes held by large investors for more than 18 months.
“By reining in corporate landlords, we’re putting affordable housing for families first,” Khanna stated.
The Stop Wall Street Landlords Act has garnered attention as a necessary step in addressing the housing crisis, with Khanna leading the charge as a key advocate for middle- and low-income families.
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