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X) You can tell this one is a really good one because no one on the DNC is even mentioning it.
On its face I don't think he has the power to PREVENT them. The White House
fact sheet sounds more reasonable.
- The Order directs key agencies to issue guidance preventing relevant Federal programs from approving, insuring, guaranteeing, securitizing, or facilitating sales of single-family homes to institutional investors.
- The Order instructs key agencies to promote sales to individual owner-occupants through first-look policies (which give individuals and other non-institutional investors the opportunity to buy foreclosed properties before investors do), disclosure requirements, and anti-circumvention measures.
- The Order directs the Secretary of the Treasury to review rules and guidance that relate to large institutional investors acquiring or holding single-family homes.
- It directs the Attorney General and the Chairman of the Federal Trade Commission to review acquisitions by large institutional investors for anti-competitive practices and prioritize enforcement against certain of those practices by institutional investors in the single-family home rental market.
- The Order directs the Secretary of Housing and Urban Development to identify potential large institutional investor involved in Federal housing assistance programs by demanding disclosure of ownership in single-family rentals.
- The Order tasks the White House with preparing legislative recommendations to codify these policies so that large institutional investors do not acquire single-family homes.
The first two are the big ones, though they're still not a hard ban.
#1 essentially stops federal subsidizing of the purchases. Good first step.
#2 sounds good, but I'm not sure they can enforce first-look policies, just promote.
#3 effectiveness depends on how that guidance is used. Still guidance, not a regulation.
#4 might not go anywhere, there's a LOT of wiggle room in those terms
#5 is monitoring the situation
#6 is what we actually need, but requires Congress to pass it. And you know the Dems aren't going to let a housing bill slide without gibs, subsidies, muh affordable housing budget, Section 8 increases, and tons of payoffs to their pet minorities.
This will probably be his least controversial, most widely popular EO ever. But it needs more teeth, it needs to rob Blackrock and Berkshire Hathaways blind, and it needs to be permanent. Why the hell isn't Congress simultaneously announcing a bill to enact all this?
