There are approximately 86 million single-family residences (SFRs) in the U.S., and corporations may control 40% of SFRs by 2030. In Pennsylvania, a study from the University of Pittsburgh found that corporations owned 7.5% of SFRs, more than 25% of two-family residences, and more than 33% of three-family residences, with national corporations owning more than 900 parcels of land in Allegheny County. 
 

Corporations buying up homes only hurts Pennsylvanians as these corporations have the means to compete with Pennsylvanians looking to buy their first home and investing in their community. These corporations then go on to flip these properties, exponentially increasing the cost and making it harder for Pennsylvanians to find affordable homes to purchase or rent. 
 

We’ve already watched this happen with Pennsylvania’s healthcare sector with private equity firms buying up our hospitals. Now, they’re going after our homes, as evidenced by Americans for Financial Reform finding that private equity firms, at a minimum, own real estate renting to approximately 1.6 million households. 
 

To address this issue, I intend to introduce legislation that would restrict these investors from buying up SFRs unless the residence was publicly listed for sale for at least 90 consecutive days, similar to legislation recently enacted in Oregon. This legislation will ensure access to SFRs, making it easier for Pennsylvanians to buy homes without having to worry about investors with pockets full of money beating them to it.  
 

Please join me by cosponsoring this legislation to prioritize people in the housing market, not Wall Street.