President Donald Trump on Tuesday signed an executive order aimed at stopping Wall Street investors from buying and owning single-family homes, a move the White House framed as a direct effort to restore housing affordability and protect families as the November midterm elections approach.
In the order, Trump described homeownership as a cornerstone of the American Dream and a primary way families build long-term wealth. He argued that dream has slipped further out of reach in recent years, particularly for first-time buyers, pointing to high inflation and elevated interest rates that he blamed on the previous administration.
Trump said large Wall Street investors have been buying up a growing share of single-family homes, putting them in direct competition with what he described as hardworking young families. According to the order, neighborhoods once dominated by middle-class homeowners are increasingly controlled by distant corporate interests rather than local residents.
“People live in homes, not corporations,” Trump said in the order, vowing decisive action to stop Wall Street from treating American neighborhoods like a trading floor. He said the goal of the policy is to empower families to own their homes rather than be pushed aside by institutional buyers.
Under the executive order, Treasury Secretary Scott Bessent has 30 days to develop formal definitions of what qualifies as a “large institutional investor” and a “single-family home.” Once those definitions are finalized, cabinet agencies will issue guidance designed to prevent the federal government from approving, insuring, guaranteeing, securitizing, or otherwise facilitating purchases of single-family homes by those large investors.
The order also directs Attorney General Pam Bondi and Federal Trade Commission Chair Andrew Ferguson to review substantial acquisitions by major investors. They are instructed to prioritize enforcement of antitrust laws when appropriate, particularly in cases involving coordinated vacancy or pricing strategies in local single-family home rental markets.
Trump had previewed the policy earlier this month, writing on Truth Social that he was taking steps to implement a ban on institutional ownership of single-family homes. He also said he would call on Congress to codify the policy into law.
In that earlier post, Trump again framed the issue as one of fairness and opportunity, arguing that homeownership was once the reward for hard work and responsible living. He said that record-high inflation under President Joe Biden and Democrats in Congress has pushed that reward out of reach, especially for younger Americans trying to buy their first home.
The administration has pointed to the growing role of real estate investment trusts and private equity firms in accumulating large numbers of single-family homes, many of which are converted into rental properties. Trump has argued that this trend has destabilized the housing market and made it more difficult for families to compete.
The executive order comes as Trump and Republicans in Congress increasingly emphasize affordability in the run-up to the midterms. GOP leaders have sought to highlight falling inflation and improving prices, even as many Americans say they have not yet felt relief. Trump acknowledged Tuesday that his administration may struggle to communicate its economic accomplishments, joking that they might have “bad public relations people” selling the message.
Still, the White House is betting that a direct challenge to Wall Street’s role in housing will resonate with voters frustrated by high prices and limited options, positioning Trump as a defender of families against powerful financial interests.