Former President Donald Trump called for Congress to take action to prevent private equity firms and other large investors from purchasing single-family homes. The announcement, made in a social media post on Wednesday, targeted Wall Street-backed firms that have been acquiring homes for rental purposes.

Trump argued that this practice has contributed to rising home prices, making it more difficult for first-time buyers to enter the market. While the post lacked specific details, Trump indicated he would elaborate on his plans during a speech later this month at the World Economic Forum.

The proposal, if enacted, would likely face significant opposition from Wall Street and their allies in Congress. This initiative represents Trump's latest effort to address housing affordability concerns among average Americans, as he faces increasing political pressure to tackle cost of living issues.

Critics of institutional home buying argue that it distorts local housing markets. By purchasing large numbers of homes, these firms reduce the available inventory for individual buyers, driving up prices and rents. Supporters of the practice contend that it provides needed rental housing and can improve neighborhoods by renovating neglected properties.

The issue of housing affordability has become a significant political concern, with voters expressing dissatisfaction over rising home prices and rental costs. Trump's call for congressional action reflects a growing awareness of the challenges facing potential homebuyers. The specific legislative steps that Trump envisions remain unclear, and the likelihood of Congress taking action on this issue is uncertain.