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My End Hedge Fund Control of American Homes Act

America has an affordable housing crisis, and if we don't take action, it's going to get worse. That's why I'm working to stop Wall Street hedge funds from driving up rents and home prices by swooping in and outbidding regular folks with all-cash, no-inspection, over-the-asking-price offers.

The 2008 housing crisis was fueled by predatory private mortgages and unregulated markets, and Wall Street hedge funds ruthlessly gobbled up large portfolios of foreclosed homes, profiting off the devastation of ordinary Americans. With the federal government facilitating this corporate greed through bulk sales of federally backed mortgages and foreclosed properties, hard-working families were shut out of recovering housing stability. It was flat-out wrong.

All over the country, including right here in Oregon, hedge funds are wielding their financial muscle to snatch up available housing – in particular, starter homes – outbid ordinary Americans, spike prices and rents, and turn neighborhoods into Wall Street profit centers at the expense of folks struggling to find a place to call home.

My End Hedge Fund Control of American Homes Act will kick hedge funds out of the housing market and increase access to affordable housing.

Here's what my legislation does: it bans hedge funds from owning single-family homes and forces hedge funds and other large private investors to sell their inventory of single-family homes to families who don't currently own a home. If the hedge funds don't, they are required to pay a substantial tax penalty that funds a down payment assistance program.

We need to stop Wall Street from putting profits before people because everyone should have a safe, affordable place to call home. We're working to get it done!

Onward!

Jeff

Posted on October 10, 2024.

Born in the small town of Myrtle Creek, Oregon, Jeff Merkley has never lost touch with his working class roots.

As a U.S. Senator, he works every day to create opportunity for working families, stop the corruption of our democracy, and tackle the climate crisis.

A workhorse and a progressive champion, Jeff Merkley is leading a movement to get our country back on track.

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