Families First Housing Act: A Response to Housing Inequality
My wife, Rocky, and I began our journey in a double-wide trailer. We worked tirelessly, saved diligently, and eventually managed to buy a home. It’s what many might call an American tale. You put in the effort, create something meaningful, and gain a portion of your dream.
However, that dream seems to be slipping away for many.
Last week, President Trump unveiled a proposal to prohibit large institutional investors from buying single-family homes. He makes a valid point. The cost of housing is skyrocketing, and Wall Street’s growing grip on neighborhoods is further complicating matters. It’s essential for Congress to take action and support this initiative.
This is precisely why I teamed up with Congressman Josh Riley (D-NY) to introduce the Families First Housing Act. The legislation focuses on real estate overseen by federal agencies like the FHA, Fannie Mae, Freddie Mac, and the Department of Agriculture. Families will have a specific 180-day window to purchase these federally backed homes once they hit the market. During this timeframe, only families, nonprofit groups, local governments, and community land trusts aiming to buy primary residences can make purchases—not hedge funds or corporate landlords.
The act also stipulates that real estate prices should reflect fair market value determined by independent appraisals, mandates quarterly public sales reporting, and enforces significant penalties on any federal officials who attempt to bypass these protections.
Take a glance at North Carolina. In Charlotte, landlords backed by Wall Street currently manage over 11,000 single-family homes, which constitutes roughly 18% of the market. Raleigh isn’t far behind with about 13%. These are homes where families should be building equity, not funneling money to a large investment firm from New York.
This shift has occurred at an alarming pace. Back in 2011, very few investors had such extensive single-family rental portfolios. By 2015, institutional investors had acquired close to 300,000 homes. The pandemic accelerated this trend, driven by market volatility and historically low borrowing rates.
The repercussions for young families are dire. Right now, only around 30% of Americans under 35 are homeowners, a stark contrast to roughly 60% of their parents’ generation. It’s not that younger folks aren’t working hard; it’s simply that they are competing against companies with immense financial resources, often buying homes in cash and outbidding families. From 2020 to 2025, home prices surged by about 55%, while wages lagged far behind. When families go head-to-head with institutional investors, they usually come out on the losing end.
I witness this struggle every time I return to District 10, and as a father, it’s deeply personal. Will my daughters be able to buy homes like Rocky and I did? Or will they end up enriching corporate landlords who view their residences as mere assets?
The Families First Housing Act is just the beginning. We also need to address the broader housing crisis through zoning reform and tighter restrictions on institutional ownership. I urge my colleagues from both parties to unite in pushing this initiative forward. If the same entity managing your retirement account is also bidding on the home you’re trying to purchase, there’s something amiss.
Having spent years as a Green Beret advocating for this country, and building a business from scratch with Rocky, I now find myself in Congress doing similar work, albeit in a different capacity. We’re fighting on behalf of those burdened by a system that favors the powerful. Homeownership is more than having a roof over your head; it’s about how working families generate wealth, stabilize communities, and lay down solid foundations for their futures. When Wall Street steps in as a landlord, Main Street suffers.
Do we want the next generation to have the same opportunities we did? I certainly do. And I’m committed to advocating for my family’s future.
