S.Amdt. 4368

This amendment, proposed by Ms. Rosen to bill H.R. 6644, aims to add a section focused on housing oversight and mitigating exploitation. Its primary purpose is to prevent unfair pricing and market manipulation in the residential rental and single-family housing markets.

Key changes and additions include:

• Prohibiting Unconscionable Pricing: It makes it illegal to rent or sell single-family housing at "unconscionably excessive" prices during a period the Secretary of Housing and Urban Development (HUD) determines to be an "affordable housing crisis."

• Market Monitoring and Enforcement: It establishes a Housing Monitoring and Enforcement Unit within HUD to analyze market data and identify unfair competition or market manipulation.

• Investigations into Institutional Investors: The Secretary is required to investigate if a single purchaser buys more than 5 percent, or large institutional investors buy more than 25 percent, of single-family housing available in a market area over specific timeframes.

• Reports and Reviews:

  • The Secretary must investigate and report to Congress on price manipulation and the impact of non-occupant investors on underserved communities.
  • HUD, the FTC, and the Bureau of Consumer Financial Protection will jointly identify unfair tenant screening practices.
  • The Attorney General and the FTC will review anti-competitive behaviors in housing markets.

• Investment Limitations: It directs the Director to establish standards for Fannie Mae and Freddie Mac when purchasing mortgages on multifamily rental housing to ensure renter protections and prevent "egregious rent increases."

• Enforcement and Penalties: Violations can be enforced by HUD and state attorneys general. Penalties collected by HUD will be deposited into the Housing Trust Fund to help extremely low- and very low-income families.