Executive Order Overview
President Donald J. Trump issued an executive order on January 20, 2026, addressing the role of large institutional investors in the single-family housing market. The order states that homeownership is integral to the American dream and wealth building, and notes that it has become less accessible, especially for first-time buyers. It further posits that large institutional investors acquiring a growing share of single-family homes makes it difficult for families to compete for housing. The administration's policy, as outlined, is to preserve the supply of single-family homes for families and increase homeownership opportunities by limiting large institutional investors from purchasing homes that could otherwise be bought by families.
Key Directives
The order mandates several actions from federal departments and agencies:
- Definitions: Within 30 days, the Secretary of the Treasury, in consultation with the Assistant to the President for Economic Policy, is tasked with developing definitions for "large institutional investor" and "single-family home" for the purpose of implementing this order.
- Restrictions on Federal Sales: Within 60 days, the Secretaries of Agriculture, Housing and Urban Development, and Veterans Affairs, along with the Administrator of General Services and the Director of the Federal Housing Finance Agency, are to issue guidance. This guidance will aim to prevent agencies and Government-sponsored enterprises from facilitating, insuring, or disposing of single-family homes to large institutional investors that could otherwise be acquired by individual owner-occupants. Appropriate, narrowly tailored exceptions will be included, such as for build-to-rent properties planned and constructed as rental communities.
- Combating Speculation:
- The Secretary of the Treasury will review existing rules and guidance related to large institutional investors acquiring or holding single-family homes and consider revisions to advance the order's policy.
- The Attorney General and the Chairman of the Federal Trade Commission will review substantial acquisitions of single-family homes by large institutional investors for anti-competitive effects and prioritize antitrust enforcement against coordinated vacancy and pricing strategies in local rental markets.
- The Secretary of Housing and Urban Development will require owners and managing agents of single-family home rentals participating in Federal housing assistance programs to disclose direct or indirect owners, managers, or affiliates to determine any involvement of large institutional investors, to the maximum extent permitted by law.
- Legislative Recommendation: The Deputy Chief of Staff for Legislative, Political and Public Affairs is directed to prepare a legislative recommendation to codify the policy that large institutional investors should not acquire single-family homes that could otherwise be purchased by families.
General Provisions
The order includes standard legal clauses, stating that it does not impair existing agency authority or budgetary functions, will be implemented consistent with applicable law and subject to the availability of appropriations, and does not create enforceable rights or benefits for any third party. The Department of the Treasury will bear the costs for the publication of this order.