US President, Donald Trump, has said he will ban large institutional investors from buying single-family homes in a bid to reduce home prices.
In a post on Truth Social, his social media platform, the US President said he will be asking Congress to codify the measure and will be discussing additional housing and affordability proposals in a speech at the Davos World Economic Forum.
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the record-high inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” Trump stated.
“It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations.”