There are few issues more important in the United States than housing. It’s a crucial part of the American Dream, representing a path to security, community, and mobility. But in the attempt to make this complex challenge easier, there’s a dangerous policy idea gaining traction in Washington: restricting large institutional investors from purchasing single-family homes and offering them as rentals. The proposal is cloaked in language about expanding homeownership and curbing rising housing costs.
While it may look good in a press release, this policy would be a disaster for vulnerable American families. Restricting institutional investment in high-quality single-family rentals (SFR) would limit housing options for the communities fueling America’s population growth: Black, Hispanic, and economically challenged families in their 20s and 30s. Although framed as taking on private equity, this proposal would instead represent an attack on renters, disproportionately harming underserved communities.
I’ve been working in the housing market for over 30 years and currently lead The Amherst Group, a private real estate investment firm. Since the Great Financial Crisis, I’ve worked to provide affordability in this notoriously stretched space, with tightening credit standards shutting many would-be homeowners out of the market. This isn’t just about business or statistics to me; I know this from my personal story. My family chose to rent because it gave us access to better jobs, better schools, and a better life. I attribute my success to this decision—and I don’t want the door to be closed on the thousands of renters we serve and the millions of single-family renters across America.
