By the power bestowed upon me as President, according to the Constitution and the laws of the United States, I hereby decree:
Section 1. Purpose and Policy. The aspiration to buy and own a home has historically stood as a cornerstone of the American dream, a pathway to wealth accumulation for families over generations. However, recent surges in inflation and interest rates, largely stemming from the previous administration’s policies, have made this dream increasingly elusive for many, particularly first-time buyers.
Simultaneously, a troubling trend has emerged: a significant number of single-family homes are being acquired by large Wall Street investors, effectively sidelining families eager to stake their claim in the housing market. Young families, often with limited resources, find themselves unable to compete with the financial clout of these corporate giants. Neighborhoods once vibrant with middle-class American families are now at the mercy of distant corporate interests. It is essential to remember that homes are for living, not for trading. My administration will act decisively to prevent Wall Street from treating our neighborhoods as mere commodities and to empower American families to reclaim their right to homeownership.
To safeguard the availability of single-family homes for American families and to enhance pathways to ownership, my administration establishes a policy that restricts large institutional investors from purchasing single-family homes that should rightfully belong to families.
Sec. 2. Definitions. Within 30 days from the issuance of this order, the Secretary of the Treasury, in collaboration with the Assistant to the President for Economic Policy, shall devise definitions for “large institutional investor” and “single-family home” to facilitate the implementation of this order, which may be adopted by other executive departments and agencies as necessary.
Sec. 3. Restrictions on the Sale of Single-Family Homes by the Federal Government. (a) Within 60 days of this order, the Secretary of Agriculture, the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, the Administrator of General Services, and the Director of the Federal Housing Finance Agency, as appropriate, shall provide guidance to:
(i) prohibit agencies and Government-sponsored enterprises from engaging in the following, to the fullest extent allowed by law:
(A) facilitating, approving, insuring, guaranteeing, or securing the acquisition of a single-family home by a large institutional investor that could otherwise be purchased by an individual owner-occupant; or
(B) disposing of Federal assets in such a way that a single-family home is transferred to a large institutional investor; and
(ii) promote sales to individual owner-occupants through measures such as anti-circumvention provisions, first-look policies, and mandatory disclosure requirements.
(b) The guidance issued under subsection (a)(i) shall include carefully crafted exceptions for build-to-rent properties that are planned, permitted, financed, and constructed as rental communities, along with other appropriate exceptions determined necessary by the relevant agency to uphold my administration’s policy objectives.
Sec. 4. Additional Measures to Combat Speculation in Single-Family Housing Markets by Large Institutional Investors. (a) The Secretary of the Treasury shall review existing rules and guidance concerning large institutional investors acquiring or holding single-family homes and consider revisions as deemed appropriate to align with the policy outlined in Section 1 of this order.
(b) The Attorney General and the Chairman of the Federal Trade Commission shall investigate substantial acquisitions, including patterns of acquisitions, by large institutional investors in local housing markets for anti-competitive effects and prioritize the enforcement of antitrust laws against coordinated vacancy and pricing strategies utilized by these investors in local single-family rental markets.
(c) The Secretary of Housing and Urban Development shall require owners and managing agents of single-family rentals participating in Federal housing assistance programs to disclose to the Department of Housing and Urban Development any direct or indirect owners, managers, or affiliates, as well as any changes in ownership or control of single-family rentals, to ascertain any involvement of large institutional investors, to the extent permitted by law.
Sec. 5. Legislation. The Deputy Chief of Staff for Legislative, Political, and Public Affairs shall draft a legislative recommendation to codify the policy established in Section 1 of this order, ensuring that large institutional investors are restricted from acquiring single-family homes that could otherwise be purchased by families.
Sec. 6. Severability. Should any provision of this order, or its application to any person or circumstance, be deemed invalid, the remaining provisions and their applications to other persons or circumstances shall remain unaffected.
Sec. 7. General Provisions. (a) Nothing in this order shall be interpreted to undermine or otherwise alter:
(i) the authority granted by law to any executive department or agency, or their heads; or
(ii) the functions of the Director of the Office of Management and Budget regarding budgetary, administrative, or legislative proposals.
(b) This order shall be executed in accordance with applicable law and subject to available appropriations.
(c) This order is not intended to create any substantive or procedural rights enforceable at law or in equity against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other individual or entity.
(d) The costs associated with the publication of this order shall be borne by the Department of the Treasury.
DONALD J. TRUMP
THE WHITE HOUSE,
January 20, 2026.
