Trump says big investors to be banned from buying more single-family homes

NEW YORK -- US President Donald Trump said Wednesday he was taking steps to "ban large institutional investors from buying more single-family homes" amid an affordability issue.

"I will be calling on Congress to codify it," said Trump in a post on social media.

"People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks," said Trump.

The "American Dream" of buying and owning a home is increasingly out of reach for far too many people, especially younger US people, said Trump, blaming "record high inflation" and former US President Joe Biden and the Democrats in Congress for the situation.

Shares of Blackstone Inc. and other housing-related companies, like American Homes 4 Rent and Invitation Homes Inc., dived in the early afternoon trading session following the news.

Across the United States, an affordability crisis continues to squeeze millions of medium- and low-income households, which are disproportionately affected by persistent high prices and higher unemployment rates.