Prohibits large private funds and registered investment companies from buying single-family homes.
The Stopping Wall Street From Competing With Main Street Homebuyers Act amends the Investment Company Act of 1940 to restrict large private funds and registered investment companies from purchasing single-family homes. This includes funds with over $500 million in assets under management or those owning 100 or more homes in the past year. These funds must stop buying homes 90 days after enactment and divest existing holdings over 10 years, selling at least 10% annually.
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