Rep. Horsford, Steven [D-NV-4] (Introduced 07/13/2022) |
https://horsford.house.gov/home-act
Cracking Down on Price Gouging in the Housing Market
Click here to read more about the bill at Congress.gov.
The Problem: Last year, large institutional investors purchased more homes in America’s top metropolitan areas than in the last twenty years.
On average, non-occupant investors bought nearly one in seven homes, and in specific housing markets that number rises to one in four.[1] As rental rates rise across the country, housing is becoming increasingly unaffordable for everyday Americans.
With at least a decade of disinvestment since the 2008 housing market crash, America’s supply of homes simply cannot meet rising demand. Large institutional investors raise billions of dollars in capital in order to make extravagant cash offers on homes, and these investments have been focused in older, middle-income neighborhoods with greater concentrations of Asian, Latinx, and Black residents.[2] Homes owned by institutional investors may never resurface on the housing market. By raising rental rates and decreasing the homes available for American families, non-occupant investors are putting the American dream of homeownership out of reach for too many.
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The Solution: Institutional oversight in the housing market to ensure transparency and fair competition for Americans hoping to purchase or remain in their home.
The Housing Oversight and Mitigating Exploitation Act will ensure that consumers are protected from market manipulation by empowering the Department of Housing and Urban Development.
Specifically, the Housing Oversight and Mitigating Exploitation Act does the following:
- Makes it illegal for any person to rent or sell a dwelling unit during a period of a housing emergency at an unreasonable price.
- The President shall be able to declare a housing emergency so no person can increase either rental rates or home prices to unreasonable levels or further exploit the circumstances.
- Directs the Secretary of Housing and Urban Development to conduct an investigation to determine if prices are being manipulated by artificially reducing housing capacity or through other price gouging practices.
- Requires a report to Congress no later than 270 days after the passage of this act including a long-term strategy to address manipulation in the housing market, and an analysis of how non-occupant investors in the housing market impact underserved and minority communities.
- Empowers the Secretary of HUD to monitor home purchases within housing markets across the country to investigate:
- Institutional investors that have individually purchased more than 5 percent of the single-family housing made available for sale in any market over 3 years.
- If, in aggregate, institutional investors have purchased more than 25 percent of the single-family housing made available for sale in any market over a 1-year period.
[1] https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/?itid=pr_enhanced-template_1
[2] https://financialservices.house.gov/uploadedfiles/hhrg-117-ba09-20220628-sd002.pdf
562 Cannon HOB
Washington, DC 20515
Phone: (202) 225-9894
Fax: (202) 225-9783
North Las Vegas District Office
2250 N Las Vegas Blvd
Suite 500
North Las Vegas, NV 89030
Phone: (702) 963-9360
https://www.congress.gov/bill/117th-congress/house-bill/8360/text
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[D-OH] (117th) Brownley, Julia [D-CA] (113th-117th) Buchanan, Vern [R-FL] (110th-117th) Buck, Ken [R-CO] (114th-117th) Bucshon, Larry [R-IN] (112th-117th) Budd, Ted [R-NC] (115th-117th) Burchett, Tim [R-TN] (116th-117th) Burgess, Michael C. [R-TX] (108th-117th) Bush, Cori [D-MO] (117th) Bustos, Cheri [D-IL] (113th-117th) Butterfield, G. K. [D-NC] (108th-117th) Calvert, Ken [R-CA] (103rd-117th) Cammack, Kat [R-FL] (117th) Carbajal, Salud O. [D-CA] (115th-117th) Cárdenas, Tony [D-CA] (113th-117th) Carey, Mike [R-OH] (117th) Carl, Jerry L. [R-AL] (117th) Carson, Andre [D-IN] (110th-117th) Carter, Earl L. “Buddy” [R-GA] (114th-117th) Carter, John R. [R-TX] (108th-117th) Carter, Troy [D-LA] (117th) Cartwright, Matt [D-PA] (113th-117th) Case, Ed [D-HI] (107th-109th) (116th-117th) Casten, Sean [D-IL] (116th-117th) Castor, Kathy [D-FL] (110th-117th) Castro, Joaquin [D-TX] (113th-117th) Cawthorn, Madison [R-NC] (117th) Chabot, Steve [R-OH] (104th-110th) (112th-117th) Cheney, Liz [R-WY] (115th-117th) Cherfilus-McCormick, Sheila [D-FL] (117th) Chu, Judy [D-CA] (111th-117th) Cicilline, David N. [D-RI] (112th-117th) Clark, Katherine M. [D-MA] (113th-117th) Clarke, Yvette D. [D-NY] (110th-117th) Cleaver, Emanuel [D-MO] (109th-117th) Cline, Ben [R-VA] (116th-117th) Cloud, Michael [R-TX] (115th-117th) Clyburn, James E. [D-SC] (103rd-117th) Clyde, Andrew S. [R-GA] (117th) Cohen, Steve [D-TN] (110th-117th) Cole, Tom [R-OK] (108th-117th) Comer, James [R-KY] (114th-117th) Connolly, Gerald E. [D-VA] (111th-117th) Conway, Connie [R-CA] (117th) Cooper, Jim [D-TN] (98th-103rd) (108th-117th) Correa, J. Luis [D-CA] (115th-117th) Costa, Jim [D-CA] (109th-117th) Courtney, Joe [D-CT] (110th-117th) Craig, Angie [D-MN] (116th-117th) Crawford, Eric A. “Rick” [R-AR] (112th-117th) Crenshaw, Dan [R-TX] (116th-117th) Crist, Charlie [D-FL] (115th-117th) Crow, Jason [D-CO] (116th-117th) Cuellar, Henry [D-TX] (109th-117th) Curtis, John R. [R-UT] (115th-117th) Davids, Sharice [D-KS] (116th-117th) Davidson, Warren [R-OH] (114th-117th) Davis, Danny K. [D-IL] (105th-117th) Davis, Rodney [R-IL] (113th-117th) Dean, Madeleine [D-PA] (116th-117th) DeFazio, Peter A. [D-OR] (100th-117th) DeGette, Diana [D-CO] (105th-117th) DeLauro, Rosa L. [D-CT] (102nd-117th) DelBene, Suzan K. [D-WA] (112th-117th) Delgado, Antonio [D-NY] (116th-117th) Demings, Val Butler [D-FL] (115th-117th) DeSaulnier, Mark [D-CA] (114th-117th) DesJarlais, Scott [R-TN] (112th-117th) Deutch, Theodore E. [D-FL] (111th-117th) Diaz-Balart, Mario [R-FL] (108th-117th) Dingell, Debbie [D-MI] (114th-117th) Doggett, Lloyd [D-TX] (104th-117th) Donalds, Byron [R-FL] (117th) Doyle, Michael F. [D-PA] (104th-117th) Duncan, Jeff [R-SC] (112th-117th) Dunn, Neal P. [R-FL] (115th-117th) Ellzey, Jake [R-TX] (117th) Emmer, Tom [R-MN] (114th-117th) Escobar, Veronica [D-TX] (116th-117th) Eshoo, Anna G. [D-CA] (103rd-117th) Espaillat, Adriano [D-NY] (115th-117th) Estes, Ron [R-KS] (115th-117th) Evans, Dwight [D-PA] (114th-117th) Fallon, Pat [R-TX] (117th) Feenstra, Randy [R-IA] (117th) Ferguson, A. Drew, IV [R-GA] (115th-117th) Finstad, Brad [R-MN] (117th) Fischbach, Michelle [R-MN] (117th) Fitzgerald, Scott [R-WI] (117th) Fitzpatrick, Brian K. [R-PA] (115th-117th) Fleischmann, Charles J. “Chuck” [R-TN] (112th-117th) Fletcher, Lizzie [D-TX] (116th-117th) Flood, Mike [R-NE] (117th) Flores, Mayra [R-TX] (117th) Fortenberry, Jeff [R-NE] (109th-117th) Foster, Bill [D-IL] (110th-111th) (113th-117th) Foxx, Virginia [R-NC] (109th-117th) Frankel, Lois [D-FL] (113th-117th) Franklin, C. Scott [R-FL] (117th) Fudge, Marcia L. [D-OH] (110th-117th) Fulcher, Russ [R-ID] (116th-117th) Gaetz, Matt [R-FL] (115th-117th) Gallagher, Mike [R-WI] (115th-117th) Gallego, Ruben [D-AZ] (114th-117th) Garamendi, John [D-CA] (111th-117th) Garbarino, Andrew R. [R-NY] (117th) Garcia, Jesus G. “Chuy” [D-IL] (116th-117th) Garcia, Mike [R-CA] (116th-117th) Garcia, Sylvia R. [D-TX] (116th-117th) Gibbs, Bob [R-OH] (112th-117th) Gimenez, Carlos A. [R-FL] (117th) Gohmert, Louie [R-TX] (109th-117th) Golden, Jared F. [D-ME] (116th-117th) Gomez, Jimmy [D-CA] (115th-117th) Gonzales, Tony [R-TX] (117th) Gonzalez, Anthony [R-OH] (116th-117th) Gonzalez, Vicente [D-TX] (115th-117th) González-Colón, Jenniffer [R-PR] (115th-117th) Good, Bob [R-VA] (117th) Gooden, Lance [R-TX] (116th-117th) Gosar, Paul A. [R-AZ] (112th-117th) Gottheimer, Josh [D-NJ] (115th-117th) Granger, Kay [R-TX] (105th-117th) Graves, Garret [R-LA] (114th-117th) Graves, Sam [R-MO] (107th-117th) Green, Al [D-TX] (109th-117th) Green, Mark E. [R-TN] (116th-117th) Greene, Marjorie Taylor [R-GA] (117th) Griffith, H. Morgan [R-VA] (112th-117th) Grijalva, Raúl M. [D-AZ] (108th-117th) Grothman, Glenn [R-WI] (114th-117th) Guest, Michael [R-MS] (116th-117th) Guthrie, Brett [R-KY] (111th-117th) Haaland, Debra A. [D-NM] (116th-117th) Hagedorn, Jim [R-MN] (116th-117th) Harder, Josh [D-CA] (116th-117th) Harris, Andy [R-MD] (112th-117th) Harshbarger, Diana [R-TN] (117th) Hartzler, Vicky [R-MO] (112th-117th) Hastings, Alcee L. [D-FL] (103rd-117th) Hayes, Jahana [D-CT] (116th-117th) Hern, Kevin [R-OK] (115th-117th) Herrell, Yvette [R-NM] (117th) Herrera Beutler, Jaime [R-WA] (112th-117th) Hice, Jody B. [R-GA] (114th-117th) Higgins, Brian [D-NY] (109th-117th) Higgins, Clay [R-LA] (115th-117th) Hill, J. French [R-AR] (114th-117th) Himes, James A. [D-CT] (111th-117th) Hinson, Ashley [R-IA] (117th) Hollingsworth, Trey [R-IN] (115th-117th) Horsford, Steven [D-NV] (113th) (116th-117th) Houlahan, Chrissy [D-PA] (116th-117th) Hoyer, Steny H. [D-MD] (97th-117th) Hudson, Richard [R-NC] (113th-117th) Huffman, Jared [D-CA] (113th-117th) Huizenga, Bill [R-MI] (112th-117th) Issa, Darrell E. [R-CA] (107th-115th) (117th) Jackson Lee, Sheila [D-TX] (104th-117th) Jackson, Ronny [R-TX] (117th) Jacobs, Chris [R-NY] (116th-117th) Jacobs, Sara [D-CA] (117th) Jayapal, Pramila [D-WA] (115th-117th) Jeffries, Hakeem S. [D-NY] (113th-117th) Johnson, Bill [R-OH] (112th-117th) Johnson, Dusty [R-SD] (116th-117th) Johnson, Eddie Bernice [D-TX] (103rd-117th) Johnson, Henry C. “Hank,” Jr. [D-GA] (110th-117th) Johnson, Mike [R-LA] (115th-117th) Jones, Mondaire [D-NY] (117th) Jordan, Jim [R-OH] (110th-117th) Joyce, David P. [R-OH] (113th-117th) Joyce, John [R-PA] (116th-117th) Kahele, Kaiali’i [D-HI] (117th) Kaptur, Marcy [D-OH] (98th-117th) Katko, John [R-NY] (114th-117th) Keating, William R. [D-MA] (112th-117th) Keller, Fred [R-PA] (116th-117th) Kelly, Mike [R-PA] (112th-117th) Kelly, Robin L. [D-IL] (113th-117th) Kelly, Trent [R-MS] (114th-117th) Khanna, Ro [D-CA] (115th-117th) Kildee, Daniel T. [D-MI] (113th-117th) Kilmer, Derek [D-WA] (113th-117th) Kim, Andy [D-NJ] (116th-117th) Kim, Young [R-CA] (117th) Kind, Ron [D-WI] (105th-117th) Kinzinger, Adam [R-IL] (112th-117th) Kirkpatrick, Ann [D-AZ] (111th) (113th-114th) (116th-117th) Krishnamoorthi, Raja [D-IL] (115th-117th) Kuster, Ann M. [D-NH] (113th-117th) Kustoff, David [R-TN] (115th-117th) LaHood, Darin [R-IL] (114th-117th) LaMalfa, Doug [R-CA] (113th-117th) Lamb, Conor [D-PA] (115th-117th) Lamborn, Doug [R-CO] (110th-117th) Langevin, James R. [D-RI] (107th-117th) Larsen, Rick [D-WA] (107th-117th) Larson, John B. [D-CT] (106th-117th) Latta, Robert E. [R-OH] (110th-117th) LaTurner, Jake [R-KS] (117th) Lawrence, Brenda L. [D-MI] (114th-117th) Lawson, Al, Jr. [D-FL] (115th-117th) Lee, Barbara [D-CA] (105th-117th) Lee, Susie [D-NV] (116th-117th) Leger Fernandez, Teresa [D-NM] (117th) Lesko, Debbie [R-AZ] (115th-117th) Letlow, Julia [R-LA] (117th) Levin, Andy [D-MI] (116th-117th) Levin, Mike [D-CA] (116th-117th) Lieu, Ted [D-CA] (114th-117th) Lofgren, Zoe [D-CA] (104th-117th) Long, Billy [R-MO] (112th-117th) Loudermilk, Barry [R-GA] (114th-117th) Lowenthal, Alan S. [D-CA] (113th-117th) Lucas, Frank D. [R-OK] (103rd-117th) Luetkemeyer, Blaine [R-MO] (111th-117th) Luria, Elaine G. [D-VA] (116th-117th) Lynch, Stephen F. [D-MA] (107th-117th) Mace, Nancy [R-SC] (117th) Malinowski, Tom [D-NJ] (116th-117th) Malliotakis, Nicole [R-NY] (117th) Maloney, Carolyn B. [D-NY] (103rd-117th) Maloney, Sean Patrick [D-NY] (113th-117th) Mann, Tracey [R-KS] (117th) Manning, Kathy E. [D-NC] (117th) Massie, Thomas [R-KY] (112th-117th) Mast, Brian J. [R-FL] (115th-117th) Matsui, Doris O. [D-CA] (109th-117th) McBath, Lucy [D-GA] (116th-117th) McCarthy, Kevin [R-CA] (110th-117th) McCaul, Michael T. [R-TX] (109th-117th) McClain, Lisa C. [R-MI] (117th) McClintock, Tom [R-CA] (111th-117th) McCollum, Betty [D-MN] (107th-117th) McEachin, A. Donald [D-VA] (115th-117th) McGovern, James P. [D-MA] (105th-117th) McHenry, Patrick T. [R-NC] (109th-117th) McKinley, David B. [R-WV] (112th-117th) McMorris Rodgers, Cathy [R-WA] (109th-117th) McNerney, Jerry [D-CA] (110th-117th) Meeks, Gregory W. [D-NY] (105th-117th) Meijer, Peter [R-MI] (117th) Meng, Grace [D-NY] (113th-117th) Meuser, Daniel [R-PA] (116th-117th) Mfume, Kweisi [D-MD] (100th-104th) (116th-117th) Miller, Carol D. [R-WV] (116th-117th) Miller, Mary E. [R-IL] (117th) Miller-Meeks, Mariannette [R-IA] (117th) Moolenaar, John R. [R-MI] (114th-117th) Mooney, Alexander X. [R-WV] (114th-117th) Moore, Barry [R-AL] (117th) Moore, Blake D. [R-UT] (117th) Moore, Gwen [D-WI] (109th-117th) Morelle, Joseph D. [D-NY] (115th-117th) Moulton, Seth [D-MA] (114th-117th) Mrvan, Frank J. [D-IN] (117th) Mullin, Markwayne [R-OK] (113th-117th) Murphy, Gregory [R-NC] (116th-117th) Murphy, Stephanie N. [D-FL] (115th-117th) Nadler, Jerrold [D-NY] (102nd-117th) Napolitano, Grace F. [D-CA] (106th-117th) Neal, Richard E. [D-MA] (101st-117th) Neguse, Joe [D-CO] (116th-117th) Nehls, Troy E. [R-TX] (117th) Newhouse, Dan [R-WA] (114th-117th) Newman, Marie [D-IL] (117th) Norcross, Donald [D-NJ] (113th-117th) Norman, Ralph [R-SC] (115th-117th) Norton, Eleanor Holmes [D-DC] (102nd-117th) Nunes, Devin [R-CA] (108th-117th) O’Halleran, Tom [D-AZ] (115th-117th) Obernolte, Jay [R-CA] (117th) Ocasio-Cortez, Alexandria [D-NY] (116th-117th) Omar, Ilhan [D-MN] (116th-117th) Owens, Burgess [R-UT] (117th) Palazzo, Steven M. [R-MS] (112th-117th) Pallone, Frank, Jr. [D-NJ] (100th-117th) Palmer, Gary J. [R-AL] (114th-117th) Panetta, Jimmy [D-CA] (115th-117th) Pappas, Chris [D-NH] (116th-117th) Pascrell, Bill, Jr. [D-NJ] (105th-117th) Payne, Donald M., Jr. [D-NJ] (112th-117th) Pelosi, Nancy [D-CA] (100th-117th) Peltola, Mary Sattler [D-AK] (117th) Pence, Greg [R-IN] (116th-117th) Perlmutter, Ed [D-CO] (110th-117th) Perry, Scott [R-PA] (113th-117th) Peters, Scott H. [D-CA] (113th-117th) Pfluger, August [R-TX] (117th) Phillips, Dean [D-MN] (116th-117th) Pingree, Chellie [D-ME] (111th-117th) Plaskett, Stacey E. [D-VI] (114th-117th) Pocan, Mark [D-WI] (113th-117th) Porter, Katie [D-CA] (116th-117th) Posey, Bill [R-FL] (111th-117th) Pressley, Ayanna [D-MA] (116th-117th) Price, David E. [D-NC] (100th-103rd) (105th-117th) Quigley, Mike [D-IL] (111th-117th) Radewagen, Aumua Amata Coleman [R-AS] (114th-117th) Raskin, Jamie [D-MD] (115th-117th) Reed, Tom [R-NY] (111th-117th) Reschenthaler, Guy [R-PA] (116th-117th) Rice, Kathleen M. [D-NY] (114th-117th) Rice, Tom [R-SC] (113th-117th) Richmond, Cedric L. [D-LA] (112th-117th) Rogers, Harold [R-KY] (97th-117th) Rogers, Mike D. [R-AL] (108th-117th) Rose, John W. [R-TN] (116th-117th) Rosendale Sr., Matthew M. [R-MT] (117th) Ross, Deborah K. [D-NC] (117th) Rouzer, David [R-NC] (114th-117th) Roy, Chip [R-TX] (116th-117th) Roybal-Allard, Lucille [D-CA] (103rd-117th) Ruiz, Raul [D-CA] (113th-117th) Ruppersberger, C. A. Dutch [D-MD] (108th-117th) Rush, Bobby L. [D-IL] (103rd-117th) Rutherford, John H. [R-FL] (115th-117th) Ryan, Patrick [D-NY] (117th) Ryan, Tim [D-OH] (108th-117th) Sablan, Gregorio Kilili Camacho [D-MP] (111th-117th) Salazar, Maria Elvira [R-FL] (117th) San Nicolas, Michael F. Q. [D-GU] (116th-117th) Sánchez, Linda T. [D-CA] (108th-117th) Sarbanes, John P. [D-MD] (110th-117th) Scalise, Steve [R-LA] (110th-117th) Scanlon, Mary Gay [D-PA] (115th-117th) Schakowsky, Janice D. [D-IL] (106th-117th) Schiff, Adam B. [D-CA] (107th-117th) Schneider, Bradley Scott [D-IL] (113th) (115th-117th) Schrader, Kurt [D-OR] (111th-117th) Schrier, Kim [D-WA] (116th-117th) Schweikert, David [R-AZ] (112th-117th) Scott, Austin [R-GA] (112th-117th) Scott, David [D-GA] (108th-117th) Scott, Robert C. “Bobby” [D-VA] (103rd-117th) Sempolinski, Joseph [R-NY] (117th) Sessions, Pete [R-TX] (105th-115th) (117th) Sewell, Terri A. [D-AL] (112th-117th) Sherman, Brad [D-CA] (105th-117th) Sherrill, Mikie [D-NJ] (116th-117th) Simpson, Michael K. [R-ID] (106th-117th) Sires, Albio [D-NJ] (109th-117th) Slotkin, Elissa [D-MI] (116th-117th) Smith, Adam [D-WA] (105th-117th) Smith, Adrian [R-NE] (110th-117th) Smith, Christopher H. [R-NJ] (97th-117th) Smith, Jason [R-MO] (113th-117th) Smucker, Lloyd [R-PA] (115th-117th) Soto, Darren [D-FL] (115th-117th) Spanberger, Abigail Davis [D-VA] (116th-117th) Spartz, Victoria [R-IN] (117th) Speier, Jackie [D-CA] (110th-117th) Stansbury, Melanie Ann [D-NM] (117th) Stanton, Greg [D-AZ] (116th-117th) Stauber, Pete [R-MN] (116th-117th) Steel, Michelle [R-CA] (117th) Stefanik, Elise M. [R-NY] (114th-117th) Steil, Bryan [R-WI] (116th-117th) Steube, W. Gregory [R-FL] (116th-117th) Stevens, Haley M. [D-MI] (116th-117th) Stewart, Chris [R-UT] (113th-117th) Stivers, Steve [R-OH] (112th-117th) Strickland, Marilyn [D-WA] (117th) Suozzi, Thomas R. [D-NY] (115th-117th) Swalwell, Eric [D-CA] (113th-117th) Takano, Mark [D-CA] (113th-117th) Taylor, Van [R-TX] (116th-117th) Tenney, Claudia [R-NY] (115th) (117th) Thompson, Bennie G. [D-MS] (103rd-117th) Thompson, Glenn [R-PA] (111th-117th) Thompson, Mike [D-CA] (106th-117th) Tiffany, Thomas P. [R-WI] (116th-117th) Timmons, William R. IV [R-SC] (116th-117th) Titus, Dina [D-NV] (111th) (113th-117th) Tlaib, Rashida [D-MI] (116th-117th) Tonko, Paul [D-NY] (111th-117th) Torres, Norma J. [D-CA] (114th-117th) Torres, Ritchie [D-NY] (117th) Trahan, Lori [D-MA] (116th-117th) Trone, David J. [D-MD] (116th-117th) Turner, Michael R. [R-OH] (108th-117th) Underwood, Lauren [D-IL] (116th-117th) Upton, Fred [R-MI] (100th-117th) Valadao, David G. [R-CA] (113th-115th) (117th) Van Drew, Jefferson [R-NJ] (116th-117th) Van Duyne, Beth [R-TX] (117th) Vargas, Juan [D-CA] (113th-117th) Veasey, Marc A. [D-TX] (113th-117th) Vela, Filemon [D-TX] (113th-117th) Velazquez, Nydia M. [D-NY] (103rd-117th) Wagner, Ann [R-MO] (113th-117th) Walberg, Tim [R-MI] (110th) (112th-117th) Walorski, Jackie [R-IN] (113th-117th) Waltz, Michael [R-FL] (116th-117th) Wasserman Schultz, Debbie [D-FL] (109th-117th) Waters, Maxine [D-CA] (102nd-117th) Watson Coleman, Bonnie [D-NJ] (114th-117th) Weber, Randy K., Sr. [R-TX] (113th-117th) Webster, Daniel [R-FL] (112th-117th) Welch, Peter [D-VT] (110th-117th) Wenstrup, Brad R. [R-OH] (113th-117th) Westerman, Bruce [R-AR] (114th-117th) Wexton, Jennifer [D-VA] (116th-117th) Wild, Susan [D-PA] (115th-117th) Williams, Nikema [D-GA] (117th) Williams, Roger [R-TX] (113th-117th) Wilson, Frederica S. [D-FL] (112th-117th) Wilson, Joe [R-SC] (107th-117th) Wittman, Robert J. [R-VA] (110th-117th) Womack, Steve [R-AR] (112th-117th) Wright, Ron [R-TX] (116th-117th) Yarmuth, John A. [D-KY] (110th-117th) Young, Don [R-AK] (93rd-117th) Zeldin, Lee M. [R-NY] (114th-117th) Any Senator Baldwin, Tammy [D-WI] (113th-117th) Barrasso, John [R-WY] (110th-117th) Bennet, Michael F. [D-CO] (111th-117th) Blackburn, Marsha [R-TN] (116th-117th) Blumenthal, Richard [D-CT] (112th-117th) Blunt, Roy [R-MO] (112th-117th) Booker, Cory A. [D-NJ] (113th-117th) Boozman, John [R-AR] (112th-117th) Braun, Mike [R-IN] (116th-117th) Brown, Sherrod [D-OH] (110th-117th) Burr, Richard [R-NC] (109th-117th) Cantwell, Maria [D-WA] (107th-117th) Capito, Shelley Moore [R-WV] (114th-117th) Cardin, Benjamin L. [D-MD] (110th-117th) Carper, Thomas R. [D-DE] (107th-117th) Casey, Robert P., Jr. [D-PA] (110th-117th) Cassidy, Bill [R-LA] (114th-117th) Collins, Susan M. [R-ME] (105th-117th) Coons, Christopher A. [D-DE] (111th-117th) Cornyn, John [R-TX] (107th-117th) Cortez Masto, Catherine [D-NV] (115th-117th) Cotton, Tom [R-AR] (114th-117th) Cramer, Kevin [R-ND] (116th-117th) Crapo, Mike [R-ID] (106th-117th) Cruz, Ted [R-TX] (113th-117th) Daines, Steve [R-MT] (114th-117th) Duckworth, Tammy [D-IL] (115th-117th) Durbin, Richard J. [D-IL] (105th-117th) Ernst, Joni [R-IA] (114th-117th) Feinstein, Dianne [D-CA] (102nd-117th) Fischer, Deb [R-NE] (113th-117th) Gillibrand, Kirsten E. [D-NY] (111th-117th) Graham, Lindsey [R-SC] (108th-117th) Grassley, Chuck [R-IA] (97th-117th) Hagerty, Bill [R-TN] (117th) Harris, Kamala D. [D-CA] (115th-117th) Hassan, Margaret Wood [D-NH] (115th-117th) Hawley, Josh [R-MO] (116th-117th) Heinrich, Martin [D-NM] (113th-117th) Hickenlooper, John W. [D-CO] (117th) Hirono, Mazie K. [D-HI] (113th-117th) Hoeven, John [R-ND] (112th-117th) Hyde-Smith, Cindy [R-MS] (115th-117th) Inhofe, James M. [R-OK] (103rd-117th) Johnson, Ron [R-WI] (112th-117th) Kaine, Tim [D-VA] (113th-117th) Kelly, Mark [D-AZ] (116th-117th) Kennedy, John [R-LA] (115th-117th) King, Angus S., Jr. [I-ME] (113th-117th) Klobuchar, Amy [D-MN] (110th-117th) Lankford, James [R-OK] (114th-117th) Leahy, Patrick J. [D-VT] (94th-117th) Lee, Mike [R-UT] (112th-117th) Loeffler, Kelly [R-GA] (116th-117th) Lujan, Ben Ray [D-NM] (117th) Lummis, Cynthia M. [R-WY] (117th) Manchin, Joe, III [D-WV] (111th-117th) Markey, Edward J. [D-MA] (113th-117th) Marshall, Roger [R-KS] (117th) McConnell, Mitch [R-KY] (99th-117th) Menendez, Robert [D-NJ] (109th-117th) Merkley, Jeff [D-OR] (111th-117th) Moran, Jerry [R-KS] (112th-117th) Murkowski, Lisa [R-AK] (108th-117th) Murphy, Christopher [D-CT] (113th-117th) Murray, Patty [D-WA] (103rd-117th) Ossoff, Jon [D-GA] (117th) Padilla, Alex [D-CA] (117th) Paul, Rand [R-KY] (112th-117th) Peters, Gary C. [D-MI] (114th-117th) Portman, Rob [R-OH] (112th-117th) Reed, Jack [D-RI] (105th-117th) Risch, James E. [R-ID] (111th-117th) Romney, Mitt [R-UT] (116th-117th) Rosen, Jacky [D-NV] (116th-117th) Rounds, Mike [R-SD] (114th-117th) Rubio, Marco [R-FL] (112th-117th) Sanders, Bernard [I-VT] (110th-117th) Sasse, Ben [R-NE] (114th-117th) Schatz, Brian [D-HI] (112th-117th) Schumer, Charles E. [D-NY] (106th-117th) Scott, Rick [R-FL] (116th-117th) Scott, Tim [R-SC] (113th-117th) Shaheen, Jeanne [D-NH] (111th-117th) Shelby, Richard C. [R-AL] (100th-117th) Sinema, Kyrsten [D-AZ] (116th-117th) Smith, Tina [D-MN] (115th-117th) Stabenow, Debbie [D-MI] (107th-117th) Sullivan, Dan [R-AK] (114th-117th) Tester, Jon [D-MT] (110th-117th) Thune, John [R-SD] (109th-117th) Tillis, Thomas [R-NC] (114th-117th) Toomey, Patrick [R-PA] (112th-117th) Tuberville, Tommy [R-AL] (117th) Van Hollen, Chris [D-MD] (115th-117th) Warner, Mark R. [D-VA] (111th-117th) Warnock, Raphael G. [D-GA] (117th) Warren, Elizabeth [D-MA] (113th-117th) Whitehouse, Sheldon [D-RI] (110th-117th) Wicker, Roger F. [R-MS] (110th-117th) Wyden, Ron [D-OR] (104th-117th) Young, Todd [R-IN] (115th-117th)
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Home > Legislation > 117th Congress > H.R.8360
H.R.8360 – HOME Act of 2022117th Congress (2021-2022) | Get alerts
BILL
| Sponsor: | Rep. Horsford, Steven [D-NV-4] (Introduced 07/13/2022) |
|---|---|
| Committees: | House – Financial Services |
| Latest Action: | House – 07/13/2022 Referred to the House Committee on Financial Services. (All Actions) |
| Tracker: Tip | This bill has the status IntroducedHere are the steps for Status of Legislation:IntroducedPassed HousePassed SenateTo PresidentBecame Law |
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Text: H.R.8360 — 117th Congress (2021-2022)All Information (Except Text)
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Introduced in House (07/13/2022)
| 117th CONGRESS 2d Session |
H. R. 8360
To protect consumers from price-gouging of residential rental and sale prices, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
July 13, 2022
Mr. Horsford (for himself, Mr. Evans, and Ms. Castor of Florida) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To protect consumers from price-gouging of residential rental and sale prices, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Housing Oversight and Mitigating Exploitation Act of 2022” or the “HOME Act of 2022”.
SEC. 2. UNCONSCIONABLE PRICING OF RESIDENTIAL RENTAL AND SALE PRICES DURING EMERGENCIES.
(1) IN GENERAL.—It shall be unlawful for any person to rent out a dwelling unit or sell any single-family housing, in an area and during a period of a housing emergency covered by a proclamation issued under paragraph (2), at a price that—
(A) is unconscionably excessive; and
(B) indicates the lessor or seller is exploiting the circumstances related to a housing emergency to increase prices unreasonably.
(2) HOUSING EMERGENCY PROCLAMATION.—
(A) IN GENERAL.—The President may issue a housing emergency proclamation for any area within the jurisdiction of the United States, during which the prohibition in paragraph (1) shall apply, that includes the geographic area covered and the time period that such proclamation shall be in effect.
(B) DURATION.—The proclamation—
(i) may not apply for a period of more than 30 consecutive days, but may be renewed for such consecutive periods, each not to exceed 30 days, as the President determines appropriate; and
(ii) may include a period of time not to exceed 1 week before a reasonably foreseeable emergency.
(A) IN GENERAL.—In determining whether a person has violated paragraph (1), there shall be taken into account, among other factors, the aggravating factors described in subparagraph (B) and the mitigating factor described in subparagraph (C).
(B) AGGRAVATING FACTORS.—The aggravating factors described in this subparagraph are the following:
(i) Whether the amount charged by such person grossly exceeds the average price at which the housing unit was offered for rental or sale by such person during—
(I) the 30-day period before the date on which the proclamation was issued; or
(II) another appropriate benchmark period, as determined by the Administration.
(ii) Whether the amount charged by such person grossly exceeds the price at which the same or a similar housing unit was readily obtainable for rental or purchase in the same area from other sellers during the energy emergency period.
(C) MITIGATING FACTOR.—The mitigating factor described in this subparagraph is whether the quantity of any housing dwelling units such person made available for rental or sale in an area covered by the proclamation during the 30-day period following the date on which the proclamation was issued increased over the quantity such person made available for rental or sale during the 30-day period before the date on which the proclamation was issued, taking into account any usual seasonal demand variation.
(b) Affirmative Defense.—It shall be an affirmative defense in any civil action or administrative action to enforce subsection (a), with respect to the renting out or sale of housing by a person, that the increase in the rental or sale price of such housing reasonably reflects additional costs that were paid, incurred, or reasonably anticipated by such person, or reasonably reflects additional risks taken by such person, to rent or sell such housing unit under the circumstances.
(c) Rule Of Construction.—This section may not be construed to cover a transaction on a futures market.
(1) HUD.—The Secretary of Housing and Urban Development shall enforce violations of subsection (a) of this section—
(A) in the same manner, by the same means, and with the same jurisdiction, powers, and duties as the Federal Trade Commission has under the Federal Trade Commission Act (15 U.S.C. 41 et seq.) with respect to violations of a rule defining an unfair or deceptive act or practice prescribed under section 18(a)(1)(B) of such Act (15 U.S.C. 57a(a)(1)(B)); and
(B) as though all applicable terms and provisions of the Federal Trade Commission Act were incorporated into and made a part of this section, except that any reference in such terms and provisions to the Commission shall be treated as referring to the Secretary.
(2) ENFORCEMENT AT RETAIL LEVEL BY STATE ATTORNEYS GENERAL.—
(A) IN GENERAL.—If the chief law enforcement officer of a State, or an official or agency designated by a State, has reason to believe that any person has violated or is violating subsection (a), the attorney general, official, or agency of the State, in addition to any authority it may have to bring an action in State court under its laws, may bring a civil action in any appropriate United States district court or in any other court of competent jurisdiction to—
(i) enjoin further such violation by such person;
(ii) enforce compliance with such subsection;
(iii) obtain civil penalties; and
(iv) obtain damages, restitution, or other compensation on behalf of residents of the State.
(B) NOTICE.—The State shall serve written notice to the Secretary of any civil action under subparagraph (A) before initiating such civil action. The notice shall include a copy of the complaint to be filed to initiate such civil action, except that if it is not feasible for the State to provide such prior notice, the State shall provide such notice immediately upon instituting such civil action.
(C) AUTHORITY TO INTERVENE.—Upon receipt of the notice required by subparagraph (B), the Secretary may intervene in such civil action and upon intervening—
(i) be heard on all matters arising in such civil action; and
(ii) file petitions for appeal of a decision in such civil action.
(D) CONSTRUCTION.—For purposes of bringing any civil action under subparagraph (A), nothing in this paragraph shall prevent the attorney general of a State from exercising the powers conferred on the attorney general by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence.
(E) LIMITATION ON STATE ACTION WHILE FEDERAL ACTION IS PENDING.—If the Secretary has instituted a civil action or an administrative action for violation of subsection (a), a State attorney general, or official or agency of a State, may not bring an action under this paragraph during the pendency of that action against any defendant named in the complaint of the Secretary or another agency for any violation of this Act alleged in the complaint.
(F) RULE OF CONSTRUCTION.—This paragraph may not be construed to prohibit an authorized State official from proceeding in State court to enforce a civil or criminal statute of such State.
(e) Low-Income Housing Assistance.—
(1) DEPOSIT OF FUNDS.—Amounts collected in any penalty under subsection (d)(1) shall be deposited in the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568).
(2) USE OF FUNDS.—To the extent provided for in advance in appropriations Acts, the amounts deposited in the Fund shall be used to increase and preserve the supply of rental housing affordable to extremely low- and very low-income families, including homeless families, in accordance with such section 1338.
(1) OTHER AUTHORITY OF FEDERAL HOUSING ADMINISTRATION.—Nothing in this section may be construed to limit the authority of the Secretary under any other provision of law.
(2) STATE LAW.—Nothing in this section preempts any State law.
SEC. 3. HUD INVESTIGATION AND REPORT ON HOUSING PRICES.
(1) IN GENERAL.—The Secretary shall conduct an investigation to determine if the prices for rental housing units or sale of single-family housing are being manipulated by reducing housing capacity or by any other form of market manipulation or artificially increased by price gouging practices.
(2) CONSIDERATION.—In conducting the investigation under paragraph (1), the Secretary may consider the impact of mergers and acquisitions in the real estate industry, including mergers and acquisitions involving developers, managers, owners, and investors.
(1) IN GENERAL.—Not later than 270 days after the date of the enactment of this Act, the Secretary shall submit to the Congress a report on the investigation conducted under subsection (a).
(2) CONTENTS.—The report shall include—
(A) a long-term strategy for the Department of Housing and Urban Development and the Congress to address manipulation of rental housing markets and markets for sale of single-family housing, and in preparing the strategy the Secretary shall utilize data on race, gender, and socioeconomic status; and
(B) a description and analysis of how non-occupant investors in single-family housing impact underserved and minority communities.
(c) Exemption From Paperwork Reduction Act.—Chapter 35 of title 44, United States Code, shall not apply to the collection of information under subsection (a).
(d) Authorization Of Appropriations.—There is authorized to be appropriated to the Secretary to carry out this section $1,000,000 for fiscal year 2023.
SEC. 4. HOUSING COST MONITORING AND ENFORCEMENT WITHIN HUD.
(a) Establishment Of The Housing Monitoring And Enforcement Unit.—
(1) IN GENERAL.—The Secretary shall establish within the Department of Housing and Urban Development the Housing Monitoring and Enforcement Unit (in this section referred to as the “Unit”).
(A) PRIMARY RESPONSIBILITY.—The primary responsibility of the Unit shall be to assist the Secretary in protecting the public interest by continuously and comprehensively collecting, monitoring, and analyzing rental housing market data, data for markets for sale of single-family housing, and data on investor-owned, non-owner occupied housing units, in order to—
(i) support transparent and competitive market practices;
(ii) identify any market manipulation, including by collecting and analyzing data on race, gender, and socioeconomic status, any reporting of false information, any use of market power to disadvantage consumers, or any other unfair method of competition; and
(iii) facilitate enforcement of penalties against persons in violation of relevant statutory prohibitions.
(B) SPECIFIC DUTIES.—In order to carry out the responsibility under subparagraph (A), the Unit shall assist the Secretary in carrying out the following duties:
(i) Receiving, compiling, and analyzing relevant buying and selling activity in order to identify and investigate anomalous market trends and suspicious behavior.
(ii) Determining whether excessive concentration or exclusive control of housing-related infrastructure may allow or result in anti-competitive behaviors.
(iii) Obtaining a data-sharing agreement with State and local jurisdictions, housing agencies, and relevant public and private data sources to receive and archive information on housing purchases by institutional investors within a given area.
SEC. 5. INVESTIGATIONS OF EXCESSIVE HOUSING PURCHASES.
The Secretary shall monitor purchases of single-family housing in each housing market area in the United States, as determined by the Secretary, to determine whether any single purchaser of such housing, including any purchaser that is an institutional investor, is purchasing an excessive amount of such housing made available for sale in any such market area. If the Secretary determines that any single purchaser has purchased more than 5 percent of the single-family housing made available for sale in any market area over a 3-year period, or if, in aggregate, large institutional investors have purchased more than 25 percent of the single-family housing made available for sale in any market area over a 1-year period, the Secretary shall conduct an investigation to determine the purposes of and circumstances involved in such purchases, including price gouging, market manipulation, and unfair investment practices that drive homeowners out of the market.
For purposes of this Act, the following definitions shall apply:
(1) SECRETARY.—The term “Secretary” means the Secretary of Housing and Urban Development.
(2) SINGLE-FAMILY HOUSING.—The term “single-family housing” means a residence consisting of 1 to 4 dwelling units, but does not include a dwelling unit in a condominium or cooperative housing project.
