Congressman Pat Harrigan (NC-10) has introduced the Families First Housing Act, a bill designed to give American families priority access to federally backed foreclosed homes before institutional investors and hedge funds can purchase them.
The legislation follows months of work focused on the challenges of housing affordability and the increased presence of large investors in the single-family housing market. According to federal data, no investor owned more than 1,000 single-family rental homes nationwide as recently as 2011. By 2015, institutional investors collectively held an estimated 170,000 to 300,000 homes. This trend accelerated during and after the COVID-19 pandemic. In fast-growing Sunbelt markets, these buyers now account for a significant share of single-family home purchases, which has tightened supply for families. President Trump recently highlighted concerns about institutional buyers affecting housing markets.
“Homeownership is slipping out of reach for a lot of Americans, especially young families,” said Congressman Harrigan. “Only about 30 percent of Americans under 35 own a home today, roughly half the rate of a generation ago. That gap didn’t appear overnight, and it’s not because people stopped working hard. More and more, families are getting outbid by large financial firms buying up single-family homes at scale. In Charlotte, roughly 18 percent of single-family homes and 13 percent of homes in Raleigh were investor-owned as of 2022, a clear example of how quickly institutional buying is reshaping local housing markets, with those numbers continuing to rise. People live in homes, not corporations, and institutional investors shouldn’t be locking families out. The Families First Act, which I introduced with Josh Riley, helps ensure federally backed homes go to families first, not Wall Street.”
The proposed law would establish a standardized 180-day “first look” period that allows families, nonprofits, local governments, and community land trusts exclusive access to eligible single-family homes owned or foreclosed upon by federal entities before institutional investors can buy them.
Additionally, the act would increase transparency through public reporting on sales processes and authorize penalties for employees who bypass protections intended for family buyers.
Congressman Harrigan emphasized that this legislation is one step toward restoring balance in the housing market but called on Congress to pursue further reforms supporting homeownership.
In related news from 2024 elections in North Carolina’s tenth district,Pat Harrigan defeated Ralph R. Scott Jr., winning approximately 57.5% of the vote.
