In a recent opinion piece published by Breitbart, Congressman Pat Harrigan of North Carolina’s 10th District raised concerns about the impact of institutional investors on the housing market. Drawing from his personal experience as a small business owner and first-time homebuyer, Harrigan argued that large Wall Street-backed firms purchasing single-family homes are contributing to rising prices and making it more difficult for families to achieve homeownership.
Harrigan highlighted the introduction of the Families First Housing Act, which he co-sponsored with Congressman Josh Riley of New York’s 19th District. The proposed legislation would grant families an exclusive 180-day period to purchase federally backed homes before they are available to hedge funds or corporate landlords. Eligible buyers during this window would include families intending to use the property as their primary residence, nonprofits, local governments, and community land trusts.
According to Harrigan, “The bill also requires properties to be priced at fair market value based on independent appraisals, mandates quarterly public reporting on all sales, and imposes real penalties on federal employees who try to bypass these protections.”
He pointed out that in cities like Charlotte and Raleigh, Wall Street-backed landlords now control significant portions of the single-family housing market—about 18 percent in Charlotte and roughly 13 percent in Raleigh. Harrigan noted that this trend accelerated rapidly over the past decade; while few investors owned such portfolios in 2011, by 2015 institutional investors held up to 300,000 homes nationwide. The COVID-19 pandemic further increased investor activity due to disrupted markets and low borrowing costs.
Harrigan expressed concern for younger Americans facing these challenges: “Only about 30 percent of Americans under 35 own a home today, compared to roughly 60 percent of their parents’ generation. It’s not because they aren’t working hard. It’s because they’re getting outbid by firms with billions in capital, often paying all cash, well above asking price. Home prices rose about 55 percent between 2020 and 2025, while wages didn’t keep pace. When families compete against institutional money, they lose.”
He added a personal perspective: “I see this reality every time I’m home in the 10th district, and as a dad, it hits close to home. Will my daughters be able to buy a home like Rocky and I did? Or will they spend their lives enriching corporate landlords who see homes as nothing more than assets on a balance sheet?”
Harrigan called for broader policy changes beyond his proposed bill: “The Families First Housing Act is a critical first step. But it’s just one piece of the puzzle. We also need more housing supply, zoning reform, and broader restrictions on institutional ownership. I’m calling on my colleagues on both sides to keep pushing on this with me. When the same corporations that manage your 401(k) are bidding against the house you’re trying to buy, something is fundamentally wrong.”
Reflecting on his background as an Army Green Beret veteran and entrepreneur now serving in Congress, Harrigan stated: “I spent years as a Green Beret fighting for this country. Rocky and I built a business from nothing. Now I’m in Congress doing the same work, just in a different way. Fighting for people who are getting squeezed by a system rigged for the powerful and the connected. Homeownership isn’t just about having a place to live. It’s how working families build wealth, how communities stay stable, and how people build a real stake in their future. When Wall Street becomes a national landlord, Main Street loses.”
He concluded with an appeal: “Do we want the next generation to have the same shot we did? I do. And I’m going to keep fighting until families come first.”
Pat Harrigan was elected after defeating Ralph R. Scott Jr., winning approximately 57% of votes in the general election (https://ballotpedia.org/Pat_Harrigan).
