Stop Wall Street Landlords Act of 2024

Legislation Details

Amends the Internal Revenue Code to disallow certain expense deductions for single-family homes owned by specified large investors.
Specifies that large investors are those with assets exceeding $100 million.
Disallows deductions for mortgage interest and depreciation on single-family homes held by these investors.
Defines single-family homes as properties with 1 to 4 dwelling units, excluding federally-assisted buildings.
Imposes an excise tax on the sale or transfer of single-family homes by specified large investors, equal to the sale price.
Establishes a Housing Trust Fund to receive tax revenues from the excise tax, aimed at increasing affordable rental housing for low-income families.
Prohibits federal mortgage assistance for specified large investors, preventing entities like Fannie Mae and Freddie Mac from purchasing or lending on mortgages held by these investors.