“A bill to amend the Sherman Act to prohibit certain entities from purchasing residential real estate, and for other purposes.”
No CRS summary available for this bill.
This section adds a new section 9 to the Sherman Act (15 U.S.C. 1 et seq.) deeming any purchase of residential real estate (i.e., single-family homes, condominiums, townhouses, or land zoned for such properties) by a covered entity to be a civil violation of section 1 as a contract in restraint of trade, with no criminal penalties applicable. Covered entities include real estate investment trusts (REITs), insurance companies, and investment companies or private funds with at least $150 million in assets under management (AUM), including aggregation of related entities under specified Internal Revenue Code rules. The prohibition does not apply to homebuilders, developers, or redevelopers constructing units for ownership by non-prohibited persons and takes effect for purchases 90 days after enactment. The section further directs the Assistant Attorney General for the Antitrust Division at the Department of Justice to prioritize review of such purchases for anticompetitive effects and enforcement against coordinated vacancy, pricing strategies, and other anticompetitive practices by covered entities in local residential real estate markets.