President Donald Trump is taking aim at Wall Street’s role in the housing market as Americans grapple with rising prices and tight supply — a move that could hurt current homeowners.
Trump says he’s moving to shut Wall Street out of the single-family home market, aiming to cool soaring home prices.
The policy could hurt big investment firms that own rental homes and cause the stock prices of homebuilding companies to fall.
In a Truth Social post Wednesday, Trump said action would be swift and that he plans to push Congress to lock the ban into law.
‘For a very long time, buying and owning a home was considered the pinnacle of the American Dream,’ Trump wrote, going on to add that inflation had put that dream out of reach for many Americans.
‘People live in homes, not corporations,’ Trump said.
He also teased more housing affordability plans to be unveiled in an upcoming speech at the Davos World Economic Forum.
While the move may sound like good news for Americans struggling to afford homes, it could come with a downside for current homeowners.
I really don’t care if my home value decreases. I didn’t buy it to sell. A decrease in value on the market does not decrease my house’s actual comfort and livability. A decrease in value should also lower my property taxes. It is not for sale a this time and never will be while I am still alive. So I hope President Trump can succeed in lowering housing costs. The only real losers will be the already wealthy developers and realtors.