The housing market is finally showing signs of cooling. Inventory is rising, buyers are gaining leverage, and in many parts of the country there are now significantly more sellers than buyers. Yet for millions of working Americans, homeownership remains out of reach because housing has increasingly become an investment vehicle rather than a place to live.
This is the moment for policymakers to act.
Congress and state legislatures should seriously consider measures that prioritize homeownership over speculation. Whether it’s a surcharge on non-owner-occupied single-family homes, limits on the number of homes large investment firms can acquire, or restrictions on purchases by foreign entities such as the People’s Republic of China, the goal should be simple: put American families first.
A home should be a place where a family builds a life, not merely another asset class for institutional investors. Private equity firms and foreign investors may have a role in commercial real estate, but when teachers, nurses, police officers, and tradespeople cannot afford to buy in the communities they serve, something has gone wrong.
The American Dream was built on broad homeownership. If we want the next generation to have the same opportunity as their parents, now is the time to bring housing policy back into alignment with that principle.
