ITHACA, NY (607NewsNow) – Congressman Josh Riley is trying to help would-be homeowners.

On January 8, Riley introduced the Families First Housing Act.

The bipartisan bill aims to limit Wall Street investors’ ability to purchase large swathes of affordable housing.

“Families in Upstate New York shouldn’t have to compete with Wall Street hedge funds just to buy a home,” said Riley. “But that’s exactly what’s happening – big investors are swooping in, buying up houses, and pricing out regular families who’ve been working hard and saving up. This bill puts an end to it by giving families and local communities first dibs on homes before Wall Street can grab them. That’s how we keep homeownership within reach for working people.

According to Riley, Wall Street institutions are purchasing federally connected homes and turning them into full-time rentals. The legislation would provide families, nonprofits, and local governments with 180 days to purchase homes owned or foreclosed upon by federal housing entities before investors can acquire them.

Recent data shows nearly 27% of homes sold in the first quarter of 2025 were purchased by investors, and they are on track to own more than 40% of all single-family rentals by 2030.

North Carolina Republican Congressman Pat Harrigan co-sponsored the bill, which you can read in full here.