On January 20, 2026, President Trump issued an executive order intended to preserve the supply of single-family homes for American families and increase paths to homeownership. The order focuses on counteracting “Wall Street investment,” or “large institutional investment,” in single-family communities and its impact on home sales by:
- Restricting the federal government’s role in certain sales of single-family homes;
- Combatting speculation in single-family housing by large institutional investors; and
- Spearheading legislation that codifies the policy objectives within the order.
While this order does not specifically reference multifamily housing, this order could have implications for industry owners and operators with single-family rentals in their portfolio. Within 30 days of the date of this order, the Secretary of the Treasury must develop, in consultation with the Assistant to the President for Economic Policy, definitions of “large institutional investor” and “single-family home” for the purpose of implementing this order. Other executive departments and agencies may adopt these definitions as part of their implementation.
In response to the President's announcement and remarks at the World Economic Forum, National Apartment Association (NAA) President & CEO Bob Pinnegar and National Multifamily Housing Council (NMHC) President Sharon Wilson Géno issued the following statement:
“Our nation’s housing crisis – undoubtedly one of the defining issues of our time – cannot be solved without the involvement of every corner of the housing ecosystem, from rental housing to the for-sale market. For millions of Americans across our country, renting provides the flexibility and lifestyle needs that best support them. Further, the rental housing industry and our residents are a cornerstone of local communities, contributing $3.9 trillion to the U.S. economy annually and supporting 20 million jobs. Rental housing providers are key partners and are an essential part of the solution to relieve Americans' housing affordability challenges.”
Restricting Government’s Role in Certain Home Sales
Within 60 days, the Secretaries of Agriculture, Housing and Urban Development (HUD), Veterans Affairs, the Administrator of General Services and the Director of the Federal Housing Finance Agency, as appropriate, must issue guidance to prevent federal agencies and Government-sponsored enterprises, such as Fannie Mae and Freddie Mac, from engaging in activities that enable large institutional investors to acquire single-family homes that could otherwise be purchased by an individual owner-occupant. Such guidance also would prohibit disposition of federal assets intended to transfer single-family homes to large institutional investors and prevent promoting sales to individual owner-occupants, including through “anti-circumvention provisions, first-look policies, and disclosure requirements.”
Importantly, guidance issued by federal agencies pursuant to this order would include narrowly tailored exceptions for “build-to-rent properties”—those that are planned, permitted, financed and constructed as rental communities. The order provides additional flexibilities to agency heads to determine other exceptions they may deem appropriate to further the Trump Administration’s policy priorities.
Combatting Speculation
In accordance with the order, the Secretary of the Treasury must review rules and guidance that relate to large institutional investors acquiring or holding single-family homes and consider revising them in accordance with applicable law. The order also requires the U.S. Attorney General and the Chairman of the Federal Trade Commission to review substantial acquisitions by large institutional investors of single-family homes for anti-competitive effects, and prioritize enforcement of federal antitrust laws, as appropriate, against “coordinated vacancy and pricing strategies by large institutional investors in local single-family home rental markets.”
Additionally, the HUD Secretary must require owners and managing agents of single-family home rentals participating in federal housing assistance programs to disclose “direct or indirect owners, managers, or affiliates, including changes in ownership or control of single-family rentals, to the extent necessary to determine any involvement of large institutional investors”.
Spearheading Legislation
Lastly, the executive order directs the White House Deputy Chief of Staff for Legislative, Political and Public Affairs to prepare a legislative recommendation to codify the policies within the order so that large institutional investors do not acquire single-family homes that could otherwise be purchased by families.
NAA’s Perspective
As implementation efforts continue across the federal government, the National Apartment Association (NAA) will seek out opportunities to educate White House and agency officials about the rental housing industry and reduce adverse policy impacts on housing providers. NAA looks forward to continued collaboration with the Trump Administration and Congress on efforts to boost housing supply, lower costs and improve housing affordability.