Stopping Wall Street From Competing With Main Street Homebuyers Act

“12A. Restrictions on purchasing single family homes

“(a) In general—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.

“(b) Divestment required

“(1) In general—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.

“(2) Phased divestment—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.

“(c) Definitions—In this section:

“(1) Covered fund—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.

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

“(3) Single family home—The term single family home means a residential structure or mobile home which contains one family housing unit.”