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Donald Trump said his administration was moving to ban large institutional investors from buying single-family homes in a bid to reduce home prices.
In a post on Truth Social, his social media platform, the US president said he will be asking Congress to codify the measure and will be discussing additional housing and affordability proposals in a speech at the Davos World Economic Forum.
Trump capitalized on concerns around affordability during the 2024 presidential election campaign, pledging to rapidly reduce the cost of living for millions of Americans.
Since he returned to power a year ago, however, concerns around prices and affordability have persisted as inflation remained stubbornly above typical levels.
House prices soared to record levels in the US during the pandemic, before slipping back. The median sale price stood at $410,800 last year, according to the US Census Bureau.
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream,” Trump wrote on Wednesday, describing home purchases as “the reward for working hard, and doing the right thing.
“The American Dream is increasingly out of reach for far too many people, especially younger Americans,” he added, blaming his predecessor Joe Biden for “Record High Inflation”.
Trump said: “It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations.”
The president is expected to attended January’s annual meeting of the World Economic Forum, and address the talkfest in the Swiss Alps. World leaders, executives and lobbyists convene each year for the event.
Reuters contributed reporting
