A bipartisan Senate duo is teaming up on legislation that would ban large investment firms from snapping up single-family homes, a measure they say is aimed at the country's housing affordability crunch.

The legislation, known as the Homes for American Families Act, would amend the landmark Sherman Antitrust Act of 1890 to make it illegal for investment funds with over $150 million in assets to buy single-family homes, condominiums or townhouses. It doesn’t apply to homebuilders that are constructing units for sale.

  • MIDItheKID@lemmy.world
    373·
    20 hours ago

    So instead we get gigantic investment funds spinning up hundreds of LLCs named things like BRIIINKLW like those shitty Amazon brands. They funnel each one of them 140m, and control a bunch of small individual businesses through an “outsourced” MSP that handles all of the business side and is also owned by them, but because they don’t own the properties or the assets, it doesn’t matter. Money gets funneled the way money gets funneled, through investments and donations etc.

    • SinningStromgald@lemmy.world
      11·
      18 hours ago

      Reading the actual bill I think what you are describing would not work.

      Emphasis mine.

      ‘‘(I) with assets under manage-11 ment of not less than $150,000,000; 12 or 13 ‘‘(II) that is directly or indirectly 14 owned or controlled by a person that 15 directly or indirectly owns or controls 16 1 or more investment companies or 17 private funds with total assets under 18 management of not less than 19 $150,000,000. 20

      But I am not lawyer so maybe your idea would work.

    • Lka1988@sh.itjust.worksEnglish
      51·
      19 hours ago

      That has to be illegal somehow. A multi-billion dollar entity should not be able to spin up any LLCs. LLCs are for small businesses owned by people local to that area (except Montana tax loophole LLCs - that shit needs to be closed, too, geeting real sick of seeing douchebags driving giant lifted “business” trucks or goddamn supercars with Montana plates in not-Montana).

      • dhork@lemmy.worldEnglish
        10·
        18 hours ago

        Corporations are People now, though. So telling a multi-billion entity they can’t do something that a small local business can is discrimination against corporate persons.

        Won’t anyone think of the corporations?