S. 2573

119th CONGRESS 1st Session

To require the Comptroller General of the United States to conduct a study on the purchase of residential real estate in the United States by foreign individuals, entities, and governments, and for other purposes.

IN THE SENATE OF THE UNITED STATES · July 31, 2025 · Sponsor: Mrs. Blackburn · Committee: Committee on Banking, Housing, and Urban Affairs

Table of contents

• S. 2573
  • SEC. 1. Short title
  • SEC. 2. Findings
  • SEC. 3. Study on foreign residential real estate purchases
  • SEC. 4. HUD assessment and recommendations

SEC. 1. Short title

• This Act may be cited as the Foreign Property Ownership Transparency Act.

SEC. 2. Findings

• Congress finds the following:
  • There has been a marked increase in foreign purchases of residential real estate in the United States in recent years.
  • Some foreign purchases of residential real estate are made through shell companies or trusts, raising concerns about transparency and beneficial ownership.
  • Foreign ownership of residential real estate may impact housing affordability, particularly in high-demand urban and coastal markets.
  • The Federal Government currently lacks a comprehensive, coordinated understanding of the extent and impact of foreign residential property ownership.

SEC. 3. Study on foreign residential real estate purchases

• (a) In general
  • The Comptroller General of the United States shall conduct a study on the purchase of residential real estate in the United States by foreign individuals, entities, and governments.
  • In general
• (b) Scope
  • The study conducted under subsection (a) shall include—
    • an analysis of the volume and geographic concentration of foreign residential real estate purchases in the United States since January 1, 2015;
    • an assessment of the ownership structures used in the purchases described in paragraph (1), including shell companies and trusts;
    • an evaluation of the implications of the purchases described in paragraph (1) on housing affordability and availability for residents of the United States;
    • a review of Federal, State, and local data collection efforts on foreign property ownership and any gaps in that data; and
    • a review of relevant national security concerns relating to the purchases described in paragraph (1), including proximity of properties to sensitive sites.
• (c) Report
  • Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Finance of the Senate a report of the study conducted under subsection (a).

SEC. 4. HUD assessment and recommendations

• (a) In general
  • The Secretary of Housing and Urban Development, in coordination with the Comptroller General of the United States, shall—
    • review the findings of the study required under section 3(a);
    • evaluate the impact of foreign real estate investment on housing markets and affordability in the United States; and
    • consult with State and local housing authorities on trends in the foreign purchase of residential real estate.
• (b) Policy Recommendations
  • Not later than 180 days after the date of submission of the report under section 3(c), the Secretary of Housing and Urban Development shall submit to Congress a report that includes—
    • recommendations for improving the transparency of foreign ownership in residential property transactions in the United States;
    • recommendations for protecting access to residential real estate transactions for residents of the United States; and
    • any legislative or regulatory actions determined necessary to carry out the recommendations described in paragraph (1) and (2).