Democratic senators including Banking Chair Sherrod Brown and Elizabeth Warren want to restrict tax breaks for large corporate investors that buy local homes and often drive up costs.
(Bloomberg) — Democratic senators including Banking Chair Sherrod Brown and Elizabeth Warren want to restrict tax breaks for large corporate investors that buy local homes and often drive up costs.
The Stop Predatory Investing Act would prohibit an investor who acquires 50 or more single-family rental homes from deducting interest or depreciation on those properties.
In too many communities, “big investors funded by Wall Street buy up homes that could have gone to first-time home buyers, then jack up rent, neglect repairs, and threaten families with eviction,” said Ohio Senator Brown in a statement.
The legislation would also encourage big investors to sell single-family rental homes back to homeowners or nonprofits in the community.
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