WASHINGTON, DC — Representatives Josh Riley (NY-19) and Pat Harrigan (NC-10) on January 8 introduced the ‘Families First Housing Act’ (H.R. 6962) bipartisan legislation to stop Wall Street investors from buying up affordable housing, and put homeownership back in reach of working families.

“Families in Upstate New York shouldn’t have to compete with Wall Street hedge funds just to buy a home,” said Riley. “But that’s exactly what’s happening—big investors are swooping in, buying up houses and pricing out regular families who’ve been working hard and saving up. This bill puts an end to it by giving families and local communities first dibs on homes before Wall Street can grab them. That’s how we keep homeownership within reach for working people.”

“Homeownership is slipping out of reach for a lot of Americans, especially young families,” said  Harrigan. “Americans want to raise their kids in homes they actually own, and the Families First Act, which I introduced with Rep. Josh Riley, helps restore that opportunity by making sure federally backed homes go to families first, not Wall Street.”

Large investors buying up homes in bulk is a growing problem, driving up prices and turning what should be affordable starter homes into permanent rentals, according to Riley's office. Nearly 27% of all homes sold in the first quarter of 2025 were bought by investors, and Wall Street institutions are predicted to own as many as 7.6 million homes, or more than 40% of all single-family rentals, by 2030.

The ‘Families First Housing Act’ keeps federally-connected homes from becoming Wall Street inventory by creating a 180-day “first look” period that gives families, nonprofits and local governments exclusive access to single-family homes owned or foreclosed upon by federal housing entities before institutional investors can purchase them. The bill would also create an online public clearinghouse to list eligible properties for sale.

The legislation has drawn bipartisan support, with President Trump expressing concerns about institutional investors distorting housing markets as recently as this week.