Stopping Wall Street from Competing with Main Street Homebuyers
This Presidential Action, issued under the authority vested in the President, aims to stop large Wall Street institutional investors from outcompeting American families for single-family homes, citing high inflation and interest rates as barriers to the American dream of homeownership.
The order directs several federal agencies, including the Departments of the Treasury, Housing and Urban Development, Agriculture, and Veterans Affairs, to issue guidance preventing the facilitated purchase or disposal of single-family homes to large institutional investors, promoting sales instead to owner-occupants.
Furthermore, it mandates reviews for anti-competitive effects in local markets and calls for legislative recommendations to codify this policy permanently.
Arguments For
Addressing Market Distortion: The action seeks to restore the traditional path to homeownership by removing large institutional investors from competition for starter homes, arguably promoting broader wealth building among American families.
Promoting Fair Competition: By directing federal agencies to prevent the transfer of government-owned single-family homes to large investors and implementing first-look policies, the order levels the playing field for individual owner-occupants.
Curbing Corporate Concentration: The memorandum responds to concerns that Wall Street firms are treating residential neighborhoods like investment vehicles, aiming to ensure housing remains focused on habitation rather than corporate speculation.
Utilizing Existing Authority: The order leverages existing legal and regulatory frameworks within several departments (HUD, VA, USDA, Treasury) to impose restrictions and require disclosures without immediate new legislation.
Arguments Against
Potential Housing Supply Reduction: Restricting large investors, who often purchase properties quickly and provide liquidity, could inadvertently slow down the overall transaction volume in the housing market.
Implementation Challenges and Delays: Defining 'large institutional investor' and crafting the necessary guidance across multiple agencies within 30 to 60 days poses significant logistical hurdles, potentially leading to initial market confusion.
Limiting Investment Capital: Large investors often rehabilitate properties, and restricting their activity might reduce capital available for large-scale maintenance or development in certain markets.
Risk of Unintended Consequences: The directive exempts 'build-to-rent' communities, but the restrictions on government asset disposal might create unforeseen loopholes or negatively impact current federal housing portfolio management strategies.
Presidential Actions
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
Section 1. Purpose and Policy. Buying and owning a home has long been considered the pinnacle of the American dream and a way for families to invest and build lifetime wealth. But because of the recent high inflation and interest rates caused by the previous administration, that American dream has been increasingly out of reach for too many of our citizens, especially first-time homebuyers.
At the same time, a growing share of single-family homes, often concentrated in certain communities, have been purchased by large Wall Street investors, crowding out families seeking to buy homes. Hardworking young families cannot effectively compete for starter homes with Wall Street firms and their vast resources. Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests. People live in homes, not corporations. My Administration will take decisive action to stop Wall Street from treating America’s neighborhoods like a trading floor and empower American families to own their homes.
To preserve the supply of single-family homes for American families and increase the paths to homeownership, it is the policy of my Administration that large institutional investors should not buy single-family homes that could otherwise be purchased by families.
Sec. 2. Definitions. Within 30 days of the date of this order, the Secretary of the Treasury shall develop, in consultation with the Assistant to the President for Economic Policy, definitions of “large institutional investor” and “single-family home” for the purpose of implementing this order, which other executive departments and agencies (agencies) may adopt as required for such implementation.
Sec. 3. Restrictions on the Sale of Single-Family Homes by the Federal Government. (a) Within 60 days of the date of this order, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, the Administrator of General Services, and the Director of the Federal Housing Finance Agency, as appropriate, shall issue guidance to:
(i) prevent agencies and Government-sponsored enterprises from engaging in the following, to the maximum extent permitted by law:
(A) providing for, approving, insuring, guaranteeing, securitizing, or facilitating the acquisition by a large institutional investor of a single-family home that could otherwise be purchased by an individual owner-occupant; or
(B) disposing of Federal assets in a manner that transfers a single-family home to a large institutional investor; and
(ii) promote sales to individual owner-occupants, including through anti-circumvention provisions, first-look policies, and disclosure requirements.
(b) The guidance issued pursuant to subsection (a)(i) of this section shall include appropriate, narrowly tailored exceptions for build-to-rent properties that are planned, permitted, financed, and constructed as rental communities, and such other appropriate, narrowly tailored exceptions as the applicable agency may determine appropriate to further the policies of my Administration.
Sec. 4. Additional Measures to Combat Speculation in Single-Family Housing Markets by Large Institutional Investors. (a) The Secretary of the Treasury shall review the rules and guidance that relate to large institutional investors acquiring or holding single-family homes and consider revising them, in accordance with applicable law, if appropriate to advance the policy set forth in section 1 of this order.
(b) The Attorney General and the Chairman of the Federal Trade Commission shall review substantial acquisitions, including series of acquisitions, by large institutional investors of single-family homes in local single-family housing markets for anti-competitive effects and prioritize enforcement of the antitrust laws, as appropriate, against coordinated vacancy and pricing strategies by large institutional investors in local single-family home rental markets.
(c) The Secretary of Housing and Urban Development shall, to the maximum extent permitted by law, require owners and managing agents of single-family home rentals participating in Federal housing assistance programs to disclose to the Department of Housing and Urban Development direct or indirect owners, managers, or affiliates, including changes in ownership or control of single-family rentals, to the extent necessary to determine any involvement of large institutional investors.
Sec. 5. Legislation. The Deputy Chief of Staff for Legislative, Political and Public Affairs shall prepare a legislative recommendation to codify the policy set forth in section 1 of this order so that large institutional investors do not acquire single-family homes that could otherwise be purchased by families.
Sec. 6. Severability. If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.
Sec. 7. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) The costs for publication of this order shall be borne by the Department of the Treasury.
DONALD J. TRUMP
THE WHITE HOUSE,
January 20, 2026.
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The introductory clause grants the President the authority to issue the order based on the Constitution and US laws.
This frames the subsequent instructions as mandatory directives.
Section 1 establishes the core philosophy: homeownership is key to the American dream, but recent economic conditions (inflation/interest rates from the previous administration) have hurt attainable homeownership.
The document specifically targets large institutional investors buying single-family homes, stating this crowds out families.
The resulting policy is a direct prohibition against large institutional investors purchasing single-family homes that could otherwise go to families.
Section 2 requires the Treasury Secretary to define the key terms, "large institutional investor" and "single-family home," within 30 days to ensure uniform application across the government.
Section 3 orders multiple federal agencies responsible for housing and assets—Agriculture, HUD, VA, GSA, and FHFA—to create guidance within 60 days.
This guidance must stop federal programs from facilitating, insuring, or approving the transfer of single-family homes acquired by large investors.
Simultaneously, the agencies must implement policies like "first look" opportunities to prioritize individual owner-occupants.
An exception is made for planned and constructed build-to-rent communities.
Section 4 mandates broader regulatory and enforcement actions.
The Treasury Secretary must review and consider revising existing rules affecting large investors in line with the new policy.
The Attorney General and the FTC are tasked with reviewing significant acquisitions for anti-competitive behavior, particularly coordinated pricing in rental markets.
HUD must mandate increased ownership disclosure for entities managing rentals that accept federal housing assistance, helping to track institutional involvement.
Section 5 commissions the preparation of specific legislation to make the policy permanent, requiring Congressional action to codify the ban.
Section 6 is a standard severability clause, designed to protect the rest of the order if one part is struck down in court.
Section 7 clarifies that the order does not interfere with existing agency legal authority, is subject to funding availability, and does not create new private legal causes of action against the government.
The document concludes with the signature of Donald J. Trump, dated January 20, 2026.
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
This opening paragraph invokes the President's constitutional and statutory authority to issue the subsequent directives, grounding the order in supreme law.
Section 1. Purpose and Policy. Buying and owning a home has long been considered the pinnacle of the American dream and a way for families to invest and build lifetime wealth. But because of the recent high inflation and interest rates caused by the previous administration, that American dream has been increasingly out of reach for too many of our citizens, especially first-time homebuyers.
At the same time, a growing share of single-family homes, often concentrated in certain communities, have been purchased by large Wall Street investors, crowding out families seeking to buy homes. Hardworking young families cannot effectively compete for starter homes with Wall Street firms and their vast resources. Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests. People live in homes, not corporations. My Administration will take decisive action to stop Wall Street from treating America’s neighborhoods like a trading floor and empower American families to own their homes.
To preserve the supply of single-family homes for American families and increase the paths to homeownership, it is the policy of my Administration that large institutional investors should not buy single-family homes that could otherwise be purchased by families.
Section 1 outlines the justification and the primary goal of the executive order.
It contrasts the traditional value of homeownership with current barriers created by high inflation and interest rates attributed to the prior administration.
The policy specifically targets the purchasing behavior of "large institutional investors," arguing they compete unfairly with families for starter homes.
The resulting policy position is that large investors should cease buying single-family homes whose purchase could otherwise be made by families.
Sec. 2. Definitions. Within 30 days of the date of this order, the Secretary of the Treasury shall develop, in consultation with the Assistant to the President for Economic Policy, definitions of “large institutional investor” and “single-family home” for the purpose of implementing this order, which other executive departments and agencies (agencies) may adopt as required for such implementation.
Section 2 mandates that the Treasury Secretary must establish clear definitions for "large institutional investor" and "single-family home." This must occur within 30 days, and the definitions will be used by all other executive departments and agencies carrying out the order's provisions.
Sec. 3. Restrictions on the Sale of Single-Family Homes by the Federal Government. (a) Within 60 days of the date of this order, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, the Administrator of General Services, and the Director of the Federal Housing Finance Agency, as appropriate, shall issue guidance to:
(i) prevent agencies and Government-sponsored enterprises from engaging in the following, to the maximum extent permitted by law:
(A) providing for, approving, insuring, guaranteeing, securitizing, or facilitating the acquisition by a large institutional investor of a single-family home that could otherwise be purchased by an individual owner-occupant; or
(B) disposing of Federal assets in a manner that transfers a single-family home to a large institutional investor; and
(ii) promote sales to individual owner-occupants, including through anti-circumvention provisions, first-look policies, and disclosure requirements.
(b) The guidance issued pursuant to subsection (a)(i) of this section shall include appropriate, narrowly tailored exceptions for build-to-rent properties that are planned, permitted, financed, and constructed as rental communities, and such other appropriate, narrowly tailored exceptions as the applicable agency may determine appropriate to further the policies of my Administration.
Section 3 focuses on federal property sales, requiring the Secretaries of Agriculture, HUD, VA, the GSA Administrator, and the FHFA Director to issue guidance within 60 days.
This guidance must instruct agencies and government-sponsored enterprises to stop facilitating the acquisition of single-family homes by large institutional investors when an individual owner-occupant could have purchased the property.
This includes preventing the transfer of federal assets to these investors.
Agencies must simultaneously promote sales to individuals through measures like first-look policies.
A directive stipulates that narrowly tailored exceptions should be made for properties specifically built and financed as rental communities.
Sec. 4. Additional Measures to Combat Speculation in Single-Family Housing Markets by Large Institutional Investors. (a) The Secretary of the Treasury shall review the rules and guidance that relate to large institutional investors acquiring or holding single-family homes and consider revising them, in accordance with applicable law, if appropriate to advance the policy set forth in section 1 of this order.
(b) The Attorney General and the Chairman of the Federal Trade Commission shall review substantial acquisitions, including series of acquisitions, by large institutional investors of single-family homes in local single-family housing markets for anti-competitive effects and prioritize enforcement of the antitrust laws, as appropriate, against coordinated vacancy and pricing strategies by large institutional investors in local single-family home rental markets.
(c) The Secretary of Housing and Urban Development shall, to the maximum extent permitted by law, require owners and managing agents of single-family home rentals participating in Federal housing assistance programs to disclose to the Department of Housing and Urban Development direct or indirect owners, managers, or affiliates, including changes in ownership or control of single-family rentals, to the extent necessary to determine any involvement of large institutional investors.
Section 4 mandates additional actions to counter speculation.
The Treasury Secretary must review and potentially revise existing rules concerning large investors holding homes to align with the order's policy.
The Attorney General and the FTC Chairman must review substantial acquisition patterns by these investors for anti-competitive activity, focusing antitrust enforcement on coordinated strategies regarding pricing or keeping homes vacant in rental markets.
Finally, HUD must require property managers in federal housing programs to disclose ownership details to detect any hidden involvement of large institutional investors.
Sec. 5. Legislation. The Deputy Chief of Staff for Legislative, Political and Public Affairs shall prepare a legislative recommendation to codify the policy set forth in section 1 of this order so that large institutional investors do not acquire single-family homes that could otherwise be purchased by families.
Section 5 directs the Deputy Chief of Staff for Legislative, Political and Public Affairs to develop a legislative proposal.
The goal of this proposal is to create a permanent law that codifies the policy established in Section 1, ensuring large institutional investors cannot purchase family-targeted single-family homes.
Sec. 6. Severability. If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.
Section 6 is a standard severability clause.
If a court determines that any specific part of the order is illegal or unenforceable, this clause ensures that the rest of the order remains valid and in effect.
Sec. 7. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) The costs for publication of this order shall be borne by the Department of the Treasury.
Section 7 contains general administrative provisions.
Subsection (a) clarifies that the order does not override pre-existing statutory authority granted to executive departments or affect the OMB Director's budgetary and legislative proposal functions.
Subsection (b) states the order must comply with existing law and available funding.
Subsection (c) explicitly clarifies that the order does not grant any enforceable legal rights to private parties against the government.
Subsection (d) assigns the cost of publishing the order to the Department of the Treasury.
DONALD J. TRUMP
THE WHITE HOUSE,
January 20, 2026.
This concluding segment records the date of issuance, January 20, 2026, and bears the signature of the issuing authority, Donald J. Trump, noting the location as The White House.