Overview
- The order tasks Treasury with defining “large institutional investor” and “single-family home” within 30 days, and directs agencies to issue guidance within 60 days to stop insuring, guaranteeing, securitizing or otherwise facilitating such acquisitions.
- It does not impose an immediate ban or force sell-offs and includes a carve-out for purpose-built build-to-rent projects, while promoting first-look sales to owner-occupants, anti-circumvention measures and expanded HUD ownership disclosures.
- The Justice Department and FTC are instructed to review substantial or serial purchases by large landlords for potential antitrust violations, including coordinated vacancy or pricing strategies.
- The White House plans proposed legislation to codify limits, and Sen. Bernie Moreno says he will introduce a bill, with the policy’s scope hinging on how Treasury sets thresholds for who is covered.
- Experts note large institutions own a small national share of single-family rentals (about 3% per GAO) but are concentrated in some metros, and some investors warn the curbs could lift prices without more supply; separately, Trump said he is not a huge fan of using 401(k)s for down payments.