Stopping Wall Street From Competing With Main Street Homebuyers Act

Beginning on the date that is 90 days after the date of the enactment of this section, a covered fund may not purchase a single family home.

Not later than 10 years after the date of the enactment of this section, a covered fund may not hold (including through a subsidiary or parent company) any single family homes.

In the case of a covered fund that holds single family homes on the date of the enactment of this section, such fund shall, annually for the 10-year period following such date of enactment, divest of at least 10 percent of such single family homes.

In this section:

The term covered fund means a registered investment company, real estate investment trust, or private fund—

(A) with more than $500,000,000 in assets under management; or

(B) that, during the 1-year period before the date of the enactment of this section—

(i) owned 100 or more single-family homes in the United States; or

(ii) purchased more than 5 single-family homes in the United States in a 30-day period.

The term private fund means an issuer that would be an investment company, but for paragraph (1) or (7) of section 3(c).

The term single family home means a residential structure or mobile home which contains one family housing unit.