Stop Wall Street Landlords Act of 2022

Stop Wall Street Landlords Act of 2022

This bill denies certain tax and other benefits to large investors whose assets exceed $100 million in a taxable year for investment in single-family housing (i.e., real property including at least one dwelling unit and not more than four units). It denies such investors a tax deduction for interest paid on a single-family home mortgage, for insuring such homes, and for the depreciation of such homes.

The bill imposes an excise tax on the sale or transfer of a single-family home by a large investor equal to the price of such home. It allows a tax credit for home sellers equal to the lesser of either the excess of reasonable development costs paid over the sale price, or 35% of the lesser of eligible development costs paid by the taxpayer, or 80% of the national median sale price for homes.

The bill prohibits large investors from obtaining certain federal mortgage assistance.

Bill 117 hr 9246, also known as the Stop Wall Street Landlords Act of 2022, is a piece of legislation introduced in the US Congress aimed at addressing issues related to large corporate landlords and their impact on the housing market. The bill seeks to regulate and hold accountable Wall Street investors who own and operate large numbers of rental properties.

One of the key provisions of the bill is the establishment of a national registry of corporate landlords, which would require these entities to disclose information about their ownership and management of rental properties. This registry would provide greater transparency and oversight of Wall Street landlords, allowing for better monitoring of their activities and potential abuses.

Additionally, the Stop Wall Street Landlords Act includes measures to prevent predatory practices by corporate landlords, such as excessive rent increases and unfair eviction practices. The bill would empower tenants to challenge these practices and seek recourse through legal channels. Furthermore, the legislation aims to promote affordable housing by incentivizing Wall Street landlords to invest in affordable housing projects and provide more stable and affordable rental options for low-income individuals and families. Overall, the Stop Wall Street Landlords Act of 2022 seeks to address the growing influence of large corporate landlords in the housing market and protect tenants from predatory practices. By increasing transparency, accountability, and promoting affordable housing options, the bill aims to create a more equitable and sustainable rental market for all Americans.