EXCLUSIVE: GOP Rep Introduces Bill To Prioritize American Homeownership Over Wall Street Leeches
North Carolina Republican Rep. Pat Harrigan is introducing a bill to codify protections that prevent institutional investors from purchasing single-family homes, the Daily Caller has learned.
Harrigan’s bill, titled “The Families First Housing Act of 2026,” follows President Donald Trump’s message Wednesday on Truth Social calling on Congress to codify protections that prevent large institutional investors from purchasing single-family homes.
New York Democratic Rep. Josh Riley is the House co-leader of the legislation, a congressional spokesperson told the caller. The bill aims to ensure that families have the first opportunity to purchase federally supported housing before institutional investors can step in.
It establishes a 180-day “first look period” prioritizing families to purchase single-family homes owned, foreclosed or managed by the Federal Housing Administration, the Federal Housing Finance Agency, Fannie Mae, Freddie Mac and the Department of Agriculture, the text states.
Families First Housing Act by Ashley
If any affected entity fails to comply with the first review period, the agency must publicly report the violation, impose a fine of $100,000 or one-third of the sale price, and cancel the sale as long as it does not violate any contracts, according to the bill.
The legislation also requires each agency to maintain a public website listing eligible properties, the number sold to qualified first-time buyers, the pricing method, and the relationship between sales prices and the market value of the properties.
Trump addressed the issue Wednesday on social media. “For the longest 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 record inflation brought on by Joe Biden and the Democrats in Congress, that American dream is increasingly out of reach for far too many people, especially young Americans,” he wrote. “It is for this reason, and more, that I am taking immediate action to prohibit large institutional investors from purchasing more single-family homes, and I will call on Congress to codify this measure.”
Harrigan pointed out that homeownership is becoming increasingly out of reach for young Americans in a statement to the Caller.
“Homeownership is becoming out of reach for many Americans, especially young families,” Harrigan said. “Only about 30 percent of Americans under 35 own a home today, about half the rate of a generation ago. This gap didn’t appear overnight, and it’s not because people stopped working hard. Increasingly, families are being outbid by large financial companies buying up single-family homes on a massive scale.”
🚨President Trump will immediately take action to prohibit large institutional investors from purchasing more single-family homes and will ask Congress to codify this measure. pic.twitter.com/Rq77lfs8Vi
– James Blair (@JamesBlairUSA) January 7, 2026
In 2022, about 18% of single-family homes in Charlotte and nearly 13% in Raleigh were owned by large institutional investors, and those numbers continue to rise, according to a report from the U.S. Government Accountability Office.
Harrigan reiterated the president’s words, writing: “People live in homes, not businesses, and institutional investors should not exclude families. The Families First Act, which I introduced with Josh Riley, helps ensure that federally funded homes go first to families, not Wall Street.”
