Sen. Oliver, Rep. Behn Introduce ‘Homes Not Hedge Funds Act’ to Address Tennessee’s Affordable Housing Crisis

Legislation will help family homebuyers by capping the number of single-family homes corporate investors can buy NASHVILLE, TN.  – With Tennessee’s housing market increasingly dominated by out-of-state investors and real estate conglomerates, Democratic lawmakers are taking action to ensure homeownership remains within reach for working families. Sen. Charlane Oliver (D-Nashville) and Rep. Aftyn Behn (D-Nashville) have introduced the “Homes Not Hedge Funds Act” (SB 242 / HB 298) to curb corporate overreach in Tennessee’s housing market and put families before financial firms. The bill is scheduled for its first hearing on Tuesday, March 18, in the Senate State and Local Government Committee. “Tennessee families are being priced out of homeownership by deep-pocketed investors who are buying up entire neighborhoods and turning them into rental properties,” said Sen. Oliver. “Owning a home is one of the most reliable ways to build wealth, and this bill ensures that more working families have a fair shot at the American Dream.” The Homes Not Hedge Funds Act would prohibit corporate investors from purchasing more than 100 single-family homes in Tennessee’s largest counties for rental purposes. The bill applies to counties with populations above 150,000, where the effects of corporate real estate speculation have been...