Housing Bill Preview

112th CONGRESS
1st Session

S. [XXX]
To regulate home ownership in the United States by limiting the number of homes individuals and entities can own, restricting foreign ownership, and ensuring the fair distribution of single-family homes and farmland.

IN THE SENATE OF THE UNITED STATES
[Date]

Mr. [Senator Name] introduced the following bill; which was read twice and referred to the Committee on [Committee Name].

A BILL
To regulate home ownership by American citizens, trusts, and companies, limiting the number of single-family homes and farmland they can own, and to restrict foreign ownership of homes and land.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the "Fair Home Ownership Act of 2024."

SECTION 2. HOME OWNERSHIP LIMITATIONS.

(a) Ownership by Citizens
Only American citizens are allowed to own single-family homes or farmland in the United States. Foreign individuals, companies, or trusts are prohibited from owning such properties.

(b) Foreign Ownership Restrictions
No foreign national, foreign company, or foreign trust may own any single-family home or farmland in the United States. This applies to both direct and indirect ownership, including ownership through subsidiaries, affiliates, or other structures.

(c) Limitations on Number of Homes for Citizens
Each American citizen shall be allowed to own up to 10 single-family homes or parcels of farmland.

(d) Ownership by Trusts or Companies
For purposes of this Act, all single-family homes and farmland owned by a trust or company shall count toward the allotment of the person or people associated with the trust or company. If a trust or company owns more than 10 homes, the ownership will be distributed among the relevant individuals, and each individual shall be responsible for relinquishing ownership of any homes exceeding the 10-home limit.

(e) Compliance and Redistribution of Homes
If a trust or company owns more than 10 homes, the excess homes must be distributed by the individuals connected to that trust or company within 2.5 years. In the case of non-compliance, all excess homes will be auctioned by the government.

(f) Timeframe for Sale by Companies
All companies owning single-family homes or farmland must sell any homes beyond the 10-home limit within 5 years. At least half of the homes exceeding the limit must be sold within 2.5 years of the passage of this Act. If this condition is not met, the excess homes will be sold at public auction.

(g) Exemption
This limitation applies only to single-family homes and farmland. Multi-family properties, commercial real estate, and other property types are exempt from these limitations.

SECTION 3. ENFORCEMENT.

(a) Government Auctions
If a company or trust fails to comply with the sale requirements outlined in Section 2, the excess homes will be auctioned by the federal government. The proceeds of these auctions will be used to support housing programs for low-income families.

(b) Penalties for Non-Compliance
Any person or entity failing to comply with the home ownership limits set forth in this Act may be subject to fines, penalties, or other enforcement measures as determined by the appropriate federal agency.

SECTION 4. EFFECTIVE DATE.
This Act shall take effect [insert date], and all parties subject to the provisions of this Act must comply with its requirements within [insert number] days after the enactment.

END OF BILL