Saturday, November 23, 2024
Chairman, Sherrod Brown (D-OH) of U.S. Senate Committee on Banking, Housing, and Urban Affairs | https://www.banking.senate.gov/about/chairman

Brown introduces bill to create antitrust review process for housing market

U.S. Senator Sherrod Brown (D-OH), Chairman of the Banking, Housing, and Urban Affairs Committee, introduced legislation aimed at increasing competition in the housing market. The proposed Housing Acquisitions Review and Transparency (HART) Act mandates that corporations and private equity firms report significant residential property transactions to antitrust enforcers. This measure is intended to prevent anticompetitive practices that could lead to higher housing costs, reduced services, and exclusion of homebuyers from the market.

Currently, large transactions involving residential properties do not require reporting to the Federal Trade Commission (FTC) or the Justice Department for antitrust review. Brown emphasized the negative impact of such unregulated activities on local communities.

“In too many communities in Ohio, big private equity investors buy up homes, raising local housing prices and raking in profits by jacking up the rent while hiding behind opaque holding companies,” said Brown. “Our bill will make it easier to crack down on this anticompetitive behavior, and help place a check on private equity and other corporate landlords.”

Senator Amy Klobuchar (D-MN), Chairwoman of the Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights, co-introduced the bill alongside Senators Mazie Hirono (D-HI), Jeff Merkley (D-OR), Bernie Sanders (I-VT), Tina Smith (D-MN), Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), and Ron Wyden (D-OR).

Brown has been proactive in addressing issues related to Wall Street and large private equity investors who purchase homes and drive up housing costs. In July 2023, he introduced the Stop Predatory Investing Act aimed at restricting tax breaks for large corporate investors engaged in such practices.

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