Shares in Blackstone cratered on Wednesday after President Donald Trump announced that he would be ‘immediately taking steps to ban large institutional investors from buying more single-family homes,’ and will be calling on Congress ‘to codify it.
This article was originally published by ZeroHedge.
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing,” Trump posted on Truth Social. “but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans.”
“People live in homes, not corporations,” Trump said in his post.
The US president said last month he was planning to unveil “some of the most aggressive housing reform plans in American history” in the coming year.
The cost of housing has soared in recent years due to a historic supply shortage, after construction rates fell in the wake of the global financial crisis. A pandemic boom exacerbated the problem: As of August, the S&P Case-Shiller 20-City Composite Home Price Index had risen 68% since January 2020.
Both parties have been keen to show they take the housing problem seriously heading into the November midterms. -Bloomberg
Shares of Blackstone, widely considered the nation’s largest landlord, were off to the tune of 9.3% on the news.
Developing, stay tuned for more…
