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POSITIVE Housing & Affordability 118th Congress

H.R.6608 End Hedge Fund Control of American Homes Act

Taxes hedge funds that buy up single-family homes and creates a downpayment trust fund for first-time homebuyers (118th Congress)

View on Congress.gov

Legal & Constitutional Grounding

32 institutional investors own 450K homes (GAO); they raise rents 60% faster and file evictions at 3x the average rate.

CoreLogic — investors account for 26-28% of single-family home purchases since the pandemic (up from 17% pre-pandemic), with 29% of purchases in the lowest-priced tier (starter homes)
  • GAO-24-106643 (May 2024) — 32 institutional investors owned 450,000 single-family homes by 2022; concentration: 25% of Atlanta's SFR market, 21% Jacksonville, 18% Charlotte
  • Philadelphia Fed WP 24-13 (2024) — institutional investors raise rents 60% more than average when acquiring properties; investor activity explains 36% of rent growth changes
  • Raymond et al. (Georgia Tech/Atlanta Fed) — large corporate SFR owners file evictions on 1/3 of properties per year; institutional eviction filing rate 20% vs. 7% average
  • Freddie Mac (2024) — U.S. housing shortage of 3.7 million units; NAR (2025): first-time buyers at 21% of market, lowest since 1981

Bill activity

Introduced Dec 5, 2023 by Adam Smith (D-WA) with 2 original cosponsors. 17 cosponsors as of Dec 9, 2024.

Rep. Pat Ryan (D-NY-18) is listed as a cosponsor, added Sep 3, 2024, 273 days after introduction.
  1. IntroducedDec 5, 2023
  2. Passed House 
  3. Passed Senate 
  4. To President 
  5. Became Law 

Latest action Dec 5, 2023: Referred to the House Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Cosponsors during the cosponsorship window

118th Congress (Jan 2023 to Jan 2025)

Feb 2024MarAprMayJunJulAugSepOctNovDecDec 5, 2023Jan 3, 2025 (closed)2 originalLinda T. Sánchez (D-CA-38). Cosponsored Dec 5, 2023, on the day of introduction. Original cosponsor.Nikema Williams (D-GA-5). Cosponsored Dec 5, 2023, on the day of introduction. Original cosponsor.Rashida Tlaib (D-MI-12). Cosponsored Dec 12, 2023, 7 days after introduction.Jimmy Gomez (D-CA-34). Cosponsored Jan 10, 2024, 36 days after introduction.Zoe Lofgren (D-CA-18). Cosponsored Jan 31, 2024, 57 days after introduction.Katie Porter (D-CA-47). Cosponsored Feb 9, 2024, 66 days after introduction.Mike Levin (D-CA-49). Cosponsored Feb 13, 2024, 70 days after introduction.Barbara Lee (D-CA-12). Cosponsored Feb 15, 2024, 72 days after introduction.Cori Bush (D-MO-1). Cosponsored Mar 11, 2024, 97 days after introduction.Jahana Hayes (D-CT-5). Cosponsored Mar 12, 2024, 98 days after introduction.Raúl M. Grijalva (D-AZ-7). Cosponsored Apr 9, 2024, 126 days after introduction.Dina Titus (D-NV-1). Cosponsored May 22, 2024, 169 days after introduction.Ted Lieu (D-CA-36). Cosponsored Jun 25, 2024, 203 days after introduction.Andrea Salinas (D-OR-6). Cosponsored Jun 26, 2024, 204 days after introduction.Frank Pallone (D-NJ-6). Cosponsored Sep 3, 2024, 273 days after introduction.Patrick Ryan (D-NY-18). Cosponsored Sep 3, 2024, 273 days after introduction.Delia C. Ramirez (D-IL-3). Cosponsored Dec 9, 2024, 370 days after introduction. Apr 2024JunAugOctDecDec 5, 2023Jan 3, 2025 (closed)2 originalLinda T. Sánchez (D-CA-38). Cosponsored Dec 5, 2023, on the day of introduction. Original cosponsor.Nikema Williams (D-GA-5). Cosponsored Dec 5, 2023, on the day of introduction. Original cosponsor.Rashida Tlaib (D-MI-12). Cosponsored Dec 12, 2023, 7 days after introduction.Jimmy Gomez (D-CA-34). Cosponsored Jan 10, 2024, 36 days after introduction.Zoe Lofgren (D-CA-18). Cosponsored Jan 31, 2024, 57 days after introduction.Katie Porter (D-CA-47). Cosponsored Feb 9, 2024, 66 days after introduction.Mike Levin (D-CA-49). Cosponsored Feb 13, 2024, 70 days after introduction.Barbara Lee (D-CA-12). Cosponsored Feb 15, 2024, 72 days after introduction.Cori Bush (D-MO-1). Cosponsored Mar 11, 2024, 97 days after introduction.Jahana Hayes (D-CT-5). Cosponsored Mar 12, 2024, 98 days after introduction.Raúl M. Grijalva (D-AZ-7). Cosponsored Apr 9, 2024, 126 days after introduction.Dina Titus (D-NV-1). Cosponsored May 22, 2024, 169 days after introduction.Ted Lieu (D-CA-36). Cosponsored Jun 25, 2024, 203 days after introduction.Andrea Salinas (D-OR-6). Cosponsored Jun 26, 2024, 204 days after introduction.Frank Pallone (D-NJ-6). Cosponsored Sep 3, 2024, 273 days after introduction.Patrick Ryan (D-NY-18). Cosponsored Sep 3, 2024, 273 days after introduction.Delia C. Ramirez (D-IL-3). Cosponsored Dec 9, 2024, 370 days after introduction.
Democratic 17

Each dot is one cosponsor. Dots stack by sign-on day, or by week when the window is long. The block at the left holds the original cosponsors.

Cosponsorship closed Jan 3, 2025 (118th Congress): the Congress ended with the bill still in committee.

Activity log

Source: Congress.gov actions
  1. Introduced in House
  2. Referred to the House Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the...
  3. 2 original cosponsors on the day of introduction
  4. Rashida Tlaib cosponsored (D-MI)
  5. Jimmy Gomez cosponsored (D-CA)
  6. Zoe Lofgren cosponsored (D-CA)
  7. Katie Porter cosponsored (D-CA)
  8. Mike Levin cosponsored (D-CA)
  9. Barbara Lee cosponsored (D-CA)
  10. Cori Bush cosponsored (D-MO)
  11. Jahana Hayes cosponsored (D-CT)
  12. Raúl M. Grijalva cosponsored (D-AZ)
  13. Dina Titus cosponsored (D-NV)
  14. Ted Lieu cosponsored (D-CA)
  15. Andrea Salinas cosponsored (D-OR)
  16. 2 members cosponsored
  17. Delia C. Ramirez cosponsored (D-IL)

Votes on this bill

No recorded votes yet on this measure.

Cosponsors

17 cosponsored

Sponsor Introduced by Adam Smith (D-WA) on Dec 5, 2023

MemberParty/StateDateDays after introductionOriginalGrade
Linda T. SánchezD-CADec 5, 20230OriginalC+
Nikema WilliamsD-GADec 5, 20230OriginalC+
Rashida TlaibD-MIDec 12, 20237A-
Jimmy GomezD-CAJan 10, 202436A-
Zoe LofgrenD-CAJan 31, 202457C
Katie PorterD-CAFeb 9, 202466—
Mike LevinD-CAFeb 13, 202470C
Barbara LeeD-CAFeb 15, 202472—
Cori BushD-MOMar 11, 202497—
Jahana HayesD-CTMar 12, 202498D
Raúl M. GrijalvaD-AZApr 9, 2024126—
Dina TitusD-NVMay 22, 2024169D
Ted LieuD-CAJun 25, 2024203B+
Andrea SalinasD-ORJun 26, 2024204C+
Frank PalloneD-NJSep 3, 2024273C
Patrick RyanD-NYSep 3, 2024273D
Delia C. RamirezD-ILDec 9, 2024370A+

Taxes hedge funds that buy single-family homes and creates a downpayment trust fund. Institutional investors purchasing single-family homes at scale reduces homeownership access and drives up prices in communities nationwide.