Get private investors out and families into Jersey City homes, councilmen say as federal lawmakers eye ban
NJ.com
By Joshua Rosario | The Jersey Journal
Three Jersey City councilmen are urging federal lawmakers to ban private companies from purchasing one- to four-family homes, saying the growing trend is hurting the city and its residents.
The city council is expected to vote Wednesday on the resolution sponsored by Councilmen Yousef Saleh, James Solomon and Frank Gilmore supporting the “End Hedge Fund Control of American Homes Act,” which is being considered by the House of Representatives.
The federal bill would ban companies like hedge funds, private equity firms, large corporations, and institutional nvestors from owning single-family homes and require they sell at least 10% of their inventory to families.
The federal bill would establish a $20,000 tax penalty per home for companies that own more than 100 single-family homes. The tax would fund down-payment assistance programs for families looking to purchase single-family homes.
https://www.nj.com/hudson/2024/07/get-private-investors-out-and-families-into-jersey-city-homes-councilmen-say-as-federal-lawmakers-eye-ban.html
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Investor ownership of homes can lead to huge rent hikes and displace long-term residents, and it is long past time something is done about it.