Sponsors (2)
The bill reduces large institutional purchases to improve access for individual homebuyers and ease rental pressure, but does so at the cost of likely lower institutional investment in rental supply, added legal uncertainty, and reliance on civil enforcement rather than stronger criminal deterrence.
Renters and individual homebuyers will face less competition from large institutional buyers, increasing the pool of single-family homes available to purchase and potentially easing rental pressure and downward pressure on prices in some markets.
The Department of Justice Antitrust Division will prioritize enforcement against coordinated or anticompetitive purchasing and vacancy/pricing strategies by large institutional buyers, increasing regulatory oversight and the likelihood of civil enforcement actions.
Large institutional investors (REITs, insurers, private funds ≥ $150M AUM) and the rental market may see reduced investment capital for purchase, rehabilitation, and build-to-rent projects, which could reduce rental supply or slow improvements to existing rental housing in some markets.
Ambiguities in aggregation rules and definitions will create compliance and litigation risk for institutional buyers, producing legal fees and uncertainty that may be passed on to consumers or increase housing transaction costs.
By limiting remedies to civil penalties and not providing criminal sanctions, deterrence against aggressive or coordinated anticompetitive conduct may be weaker than under a regime that includes criminal enforcement.
Based on analysis of 4 sections of legislative text.
Treats purchases of single-family and similar residential real estate by large institutional investors as per se civil violations of the Sherman Act, with a narrow builder exception.
Introduced February 26, 2026 by Joshua David Hawley · Last progress February 26, 2026
Treats purchases of single-family homes, condos, townhouses, and similarly zoned land by large institutional buyers as automatic civil violations of the Sherman Act’s ban on contracts in restraint of trade. The rule targets REITs, insurance companies, and investment companies or private funds with at least $150,000,000 in assets under management, removes criminal penalties for such purchases, creates a narrow exception for homebuilders/developers building units for sale, and directs the Antitrust Division to prioritize review and enforcement of these purchases. The new rule takes effect 90 days after enactment.