John,

In too many communities, Wall Street private equity firms are buying up thousands of starter homes, reducing their availability to first-time home buyers, then jacking up rent while neglecting repairs and forcing families to move out. As a result, they are able to monopolize the housing market in towns and neighborhoods, sending housing prices sky high.

Blackstone, a private equity firm that is one of the country’s biggest landlords, increased evictions the moment pandemic-era rent protections ended. In a video call with employees, a real estate executive with the company said that evictions were a “cash flow growth opportunity” for the firm.¹

Wall Street equity firms should not be allowed to buy up thousands of single-family homes and exploit renters. Send a direct message to your senators to pass the Stop Predatory Investing Act today.

The Stop Predatory Investing Act will restrict tax breaks for big investors that hold over 50 properties and help reduce their big-money advantages in the affordable single-family home market, slowing the growth of rental costs and making homeownership more accessible for many families.

Senator Sherrod Brown (D-OH) says the bill will help “put power back in the hands of working families, who need a safe, affordable place to live and raise their children.” Senator Ed Merkley (D-MA) builds on this idea, saying “The housing in our neighborhoods should be homes for people, not profit centers for Wall Street.”

The bill is crucial for protecting the long-term stability of communities and prioritizing community needs over the greed of for-profit corporations and big investors.

The Stop Predatory Investing Act will:

• Eliminate deductions for interest or depreciation for investors who own 50 or more single-family rental homes.

• Give incentives for big investors to sell back single-family rental homes to homeowners or community nonprofits.

• Allow owners to continue taking deductions on newly constructed rental properties.

• Permit continued tax deductions for units financed through Low-Income Housing Tax Credits.

• Continue to allow deductions for single-family rental homes that were bought before the legislation was passed, to protect the current renters from eviction.

In short, this legislation will help keep renters in their current homes, while opening up new affordable housing for first-time homebuyers and potential renters, and reducing advantages held by large investors who currently dominate the markets. As a result, more families will have a safe and affordable place to live.

Big landlords and private equity real estate investors are wreaking havoc on communities and snatching the American dream from millions of people. They shouldn’t have this much power. Write to Congress today and demand they pass the Stop Predatory Investing Act.

Thank you for all you do,

Meredith Dodson
Senior Director of Public Policy, CHN Action

¹ Blackstone ramps up tenant evictions