RELEASE: Murphy, Blumenthal Join Senate Democrats To Introduce The American Homeownership Act To Stop Wall Street's Housing Grab And Get Homes Back Into The Hands Of Families
Press (Murphy)
FOR IMMEDIATE RELEASE
February 27, 2026
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Deni Kamper
Murphy, Blumenthal Join Senate Democrats To Introduce The American Homeownership Act To Stop Wall Street’s Housing Grab And Get Homes Back Into The Hands Of Families
WASHINGTON – U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Jeff Merkley (D-Ore.), Ranking Member of the Senate Budget Committee, and a group of Democratic senators in introducing The American Homeownership Act to rein in corporate landlords and get housing back into the hands of the American people. The bill would end tax breaks and other housing benefits for Wall Street landlords and reinvest the savings to increase the supply of affordable housing, bring down housing costs, and support homeownership for real people. The bill will also empower antitrust enforcers to prevent the kind of corporate buy-ups that squeeze out families trying to buy their own homes or afford their rent.
“We have to build millions of new homes to fix the housing crisis - but we also need to stand up to the private equity billionaires who buy up homes and apartments just to jack up prices for working Americans,” said Murphy. “Our bill forces big corporate buyers to either stop squeezing out family homeowners or pay tax penalties that go towards building new affordable housing. We don’t have to allow greedy corporations to make it impossible for Connecticut families to make rent or buy a home, and I’m proud to support legislation that puts a stop to it.”
“This legislation helps combat the housing crisis plaguing our country by ending major tax breaks for Wall Street landlords and investing in affordable housing—putting power back in the hands of American families. Big corporations are buying up homes and subjecting individuals to skyrocketing housing prices, unaffordable rent, unfair fees, and cruel evictions. This bill ends major federal tax deductions and other benefits for Wall Street landlords and reinvests those tax savings to build more housing and lower costs, helping more Americans achieve the dream of homeownership. If President Trump is serious about prioritizing American families over corporate interests, this legislation is the answer,” said Blumenthal.
The American Homeownership Act is also co-sponsored by U.S. Senators Amy Klobuchar (D-Minn.), Tina Smith (D-Minn.), Cory Booker (D-N.J.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Andy Kim (D-N.J.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.) Brian Schatz (D-Hawaii), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), and Peter Welch (D-Vt.).
The American Homeownership Act is endorsed by American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Communications Workers of America, Consumer Action, Grounded Solutions Network, National Community
Reinvestment Coalition, National Housing Law Project, National Low Income Housing Coalition, and Private Equity Stakeholder.
“Our government has the resources to ensure that everyone has a safe, stable, and affordable place to call home. But Wall Street investors have bought up neighborhoods of single-family homes, apartment buildings, and manufactured housing communities. They extract profit at the expense of poor and working families by hiking rents, tacking on hidden fees, neglecting repairs, pursuing baseless evictions, and ignoring tenant concerns. Families should be in control of their homes, not faceless corporate landlords. Senator Warren’s American Homeownership Act is a first-of-its-kind effort, taking on corporate ownership of multifamily developments to shift power back to tenants and provide affordable opportunities for first-time homeowners. We’re committed to fighting alongside Sen. Warren to combat the corporate takeover of our housing system and beyond,” said Shamus Roller, Executive Director of the National Housing Law Project
“The Private Equity Stakeholder Project is proud to endorse Senator Warren's vital legislation,” said Chris Noble, Policy Director at PESP. “For too long, Wall Street landlords have been able to have their cake and eat it too: enjoying lucrative tax breaks for buying up rental properties then raking in profits by hiking rents and imposing junk fees on hard-working American tenants. The federal government shouldn't be giving handouts to Wall Street landlords or bailing out private equity firms while Americans everywhere struggle to pay rent. The American Homeownership Act is an essential step toward preventing private equity and other corporate landlords from profiting from the housing affordability crisis.”
"The American Homeownership Act seeks to limit the role speculative investment plays in shaping housing opportunity in this country,” said Renee Willis, President and CEO of the National Low Income Housing Coalition. “This legislation is an important step toward ensuring that housing serves people, not speculative profit, and that people with the lowest incomes can secure quality, accessible, and affordable homes in communities of their choice. I applaud Senator Warren’s and her co-sponsors' leadership in putting forth legislation to establish a level playing field where low-income families aren’t overpowered by large investors with short-term goals.”
“Grounded Solutions Network greatly appreciates Ranking Member Warren's leadership in working to address the impact of large institutional investors on our housing market. Private equity firms and others often outmaneuver and outbid first-time homebuyers and the nonprofits seeking to keep housing affordable. This bill will make housing less profitable for these institutions and rebalance tax priorities to increase funding for more stable and affordable housing for American families. In particular, we look forward to working with Senator Warren to leverage the bill’s recognition of housing initiatives that ensure lasting affordability,” said Doug Ryan, VP of Housing Policy, Grounded Solutions Network.
“Wall Street shouldn’t be outbidding families for the keys to their own homes,” said NCRC President and CEO Jesse Van Tol. “This bill puts that money back into building affordable housing and helping first-time buyers. Let's help people own homes, not investors.”
"In the midst of a severe housing affordability crisis, the government wastes billions in taxpayer dollars subsidizing rich Wall Street landlords instead of boosting housing supply. This bill strips out those tax breaks, redirects the savings to building affordable housing, and gives antitrust enforcers better tools to prevent market concentration before it becomes entrenched,” said Laurel Kilgour, Research Manager at the American Economic Liberties Project. “Congress should send this legislation to the President's desk, and he must sign it immediately.”
“This legislation gets at the heart of the problem—lack of access to affordable homes,” said Ruth Susswein, Consumer Action’s Director of Consumer Protection. “This bill will tax those corporate investors who’ve been devouring the single-family housing market and turn those tax dollars into sorely needed new housing to help make owning a home achievable again.”
For full text of the bill click here.
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