Dems target investor home-buying

Lawmakers say it plays a role in driving up prices for families.
A “for sale” sign is posted in front of a home in Sacramento, Calif., March 3, 2022. (AP Photo/Rich Pedroncelli, File)

A provocative new bill from California Senate Housing Committee Chair Nancy Skinner (D) would ban real estate investment trusts and institutional investors from buying single-family homes, ratcheting up Democratic efforts to rein in the practice.

Alarmed by an uptick in Wall Street purchases of single-family homes, Democratic lawmakers in several states have in recent years proposed raising taxes on such purchases, limiting the number of homes large investors can purchase, or blocking them from buying newly listed properties.

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