Warren Targets Institutional Owners of Rental Housing, Including Multifamily
March 31, 2026
On March 27, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) sent letters to the largest corporate landlords in the single-family, multifamily, and manufactured housing sectors.
- The letters request data on their business practices, including landlord-tenant concerns and rental housing portfolios.
- The companies may choose to respond to Warren’s requests, but they are under no current legal obligation to do so as the committee has not subpoenaed any of the companies.
Why it matters: Warren has long targeted private equity and institutional owners of all rental housing, not just single-family, and blamed them for higher costs and worse tenant experiences in the housing market.
- Warren’s letter comes amidst the stalled effort to pass the 21st Century ROAD to Housing Act, which includes a provision to limit large institutional investor purchases of single-family homes.
- The Senate passed the bill 89-9, but the House is negotiating changes before acting. Concern on the SFR piece include a forced divestment of new BTR homes after seven years.
The big picture: Sen. Warren introduced “The American Homeownership Act” (S. 3904) legislation earlier this year, which directly targets institutional owners of all housing through the tax code.
- While the legislation is unlikely to advance this Congress, the 20 Democratic co-sponsors demonstrate the overarching issue will likely remain a flashpoint for progressives.
- The bill itself would limit federal real estate tax deductions and depreciation for large owners (50 or more SF units) and institutional investors, as defined by the statute.
- The bill would also prohibit financing to those covered transactions.
What’s next: The individual companies may choose to respond to Warren’s probe, but the broader legislation and any hearings would likely not occur unless Democrats flip the Senate or House.
Contact David McCarthy (dmccarthy@crefc.org) with questions.