II 

118TH CONGRESS 

2D SESSION S. 3561 

To protect consumers from price gouging of residential rental and sale prices, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 9, 2024 

Ms. ROSEN introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To protect consumers from price gouging of residential rental 

and sale prices, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Housing Oversight and 

5 Mitigating Exploitation Act of 2024’’ or the ‘‘HOME Act 

6 of 2024’’. 

7 SEC. 2. DEFINITIONS. 

8 In this Act: 

9 (1) AFFORDABLE HOUSING CRISIS PERIOD.— 

10 The term ‘‘affordable housing crisis period’’ means 

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1 the period during which the prohibition under sec2 tion 3(a)(1) applies in the United States. 

3 (2) SECRETARY.—The term ‘‘Secretary’’ means 

4 the Secretary of Housing and Urban Development. 

5 (3) SINGLE-FAMILY HOUSING.—The term ‘‘sin6 gle-family housing’’ means a residence consisting of 

7 1 to 4 dwelling units, but does not include a dwelling 

8 unit in a condominium or cooperative housing 

9 project. 

10 (4) UNITED STATES.—The term ‘‘United 

11 States’’ includes each of the 50 States, the District 

12 of Columbia, and any territory or possession of the 

13 United States. 

14 SEC. 3. UNCONSCIONABLE PRICING OF RESIDENTIAL 

15 RENTAL AND SALE PRICES DURING AFFORD16 ABLE HOUSING CRISES. 

17 (a) UNCONSCIONABLE PRICING.— 

18 (1) PROHIBITION.—If the Secretary publishes 

19 in the Federal Register a determination that the 

20 United States is experiencing an affordable housing 

21 crisis, it shall be unlawful, during the affordable 

22 housing crisis period, for any person to rent a dwell23 ing unit or sell any single-family housing in the 

24 United States at a price that— 

25 (A) is unconscionably excessive; and 

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1 (B) indicates the lessor or seller is exploit2 ing the circumstances related to an affordable 

3 housing crisis to increase prices unreasonably. 

4 (2) CONSIDERATIONS FOR AFFORDABLE HOUS5 ING CRISIS DETERMINATION.—For purposes of de6 termining whether the United States is experiencing 

7 an affordable housing crisis, the Secretary shall con8 sider— 

9 (A) the interest rates applicable to mort10 gage loans; 

11 (B) the effective Federal funds rate; 

12 (C) the refinance rates applicable to mort13 gage loans, including for fixed-fixed loans, 

14 fixed-variable loans, and variable-fixed loans; 

15 (D) the median rental home price in the 

16 United States; 

17 (E) the median home sale price in the 

18 United States; 

19 (F) the median household income in the 

20 United States; and 

21 (G) the declaration of a major disaster or 

22 emergency under the section 401 or 501, re23 spectively, of the Robert T. Stafford Disaster 

24 Relief and Emergency Assistance Act (42 

25 U.S.C. 5170, 5191). 

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1 (3) DURATION.—The prohibition described in 

2 paragraph (1)— 

3 (A) may not apply for a period of more 

4 than 30 consecutive days, but may be renewed 

5 for such consecutive periods, each not to exceed 

6 30 days, as the Secretary determines appro7 priate; and 

8 (B) may apply for a period of time not to 

9 exceed 1 week before a reasonably foreseeable 

10 affordable housing crisis period. 

11 (4) FACTORS CONSIDERED.— 

12 (A) IN GENERAL.—In determining whether 

13 a person has violated paragraph (1), there shall 

14 be taken into account, among other factors, the 

15 aggravating factors described in subparagraph 

16 (B) and the mitigating factor described in sub17 paragraph (C). 

18 (B) AGGRAVATING FACTORS.—The aggra19 vating factors described in this subparagraph 

20 are the following: 

21 (i) Whether the amount charged by 

22 such person grossly exceeds the average 

23 price at which the housing unit was offered 

24 for rental or sale by such person during— 

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1 (I) the 30-day period before the 

2 date on which the determination that 

3 the area is experiencing an affordable 

4 housing crisis was made under para5 graph (1); or 

6 (II) another appropriate bench7 mark period, as determined by the 

8 Secretary. 

9 (ii) Whether the amount charged by 

10 such person grossly exceeds the price at 

11 which the same or a similar housing unit 

12 was readily obtainable for rental or pur13 chase in the same area from other sellers 

14 during the affordable housing crisis period. 

15 (C) MITIGATING FACTOR.—The mitigating 

16 factor described in this subparagraph is wheth17 er the quantity of any housing dwelling units 

18 such person made available for rental or sale in 

19 an area covered by the affordable housing crisis 

20 period during the 30-day period following the 

21 date on which the affordable housing crisis pe22 riod was determined increased over the quantity 

23 such person made available for rental or sale 

24 during the 30-day period before the date on 

25 which the affordable housing crisis period was 

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1 determined, taking into account any usual sea2 sonal demand variation. 

3 (5) ADVANCE NOTICE.—The Secretary shall 

4 provide advance notice prior to the publication of the 

5 determination under paragraph (1) for persons to 

6 comply with the prohibition described in paragraph 

7 (1). 

8 (b) AFFIRMATIVE DEFENSE.—It shall be an affirma9 tive defense in any civil action or administrative action to 

10 enforce subsection (a), with respect to the renting out or 

11 sale of housing by a person, that the increase in the rental 

12 or sale price of such housing reasonably reflects additional 

13 costs that were paid, incurred, or reasonably anticipated 

14 by such person, or reasonably reflects additional risks 

15 taken by such person, to rent or sell such housing unit 

16 under the circumstances. 

17 (c) RULE OF CONSTRUCTION.—This section may not 

18 be construed to cover a transaction on a futures market. 

19 (d) ENFORCEMENT.— 

20 (1) HUD.—The Secretary shall enforce viola21 tions of subsection (a) of this section— 

22 (A) in the same manner, by the same 

23 means, and with the same jurisdiction, powers, 

24 and duties as the Federal Trade Commission 

25 has under the Federal Trade Commission Act 

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1 (15 U.S.C. 41 et seq.) with respect to violations 

2 of a rule defining an unfair or deceptive act or 

3 practice prescribed under section 18(a)(1)(B) of 

4 such Act (15 U.S.C. 57a(a)(1)(B)); and 

5 (B) as though all applicable terms and pro6 visions of the Federal Trade Commission Act 

7 (15 U.S.C. 41 et seq.) were incorporated into 

8 and made a part of this section, except that any 

9 reference in such terms and provisions to the 

10 Commission shall be treated as referring to the 

11 Secretary. 

12 (2) ENFORCEMENT AT RETAIL LEVEL BY

13 STATE ATTORNEYS GENERAL.— 

14 (A) IN GENERAL.—If the chief law en15 forcement officer of a State, or an official or 

16 agency designated by a State, has reason to be17 lieve that any person has violated or is violating 

18 subsection (a), the chief law enforcement offi19 cer, official, or agency of the State, in addition 

20 to any authority it may have to bring an action 

21 in State court under its laws, may bring a civil 

22 action in any appropriate United States district 

23 court or in any other court of competent juris24 diction to— 

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1 (i) enjoin further such violation by 

2 such person; 

3 (ii) enforce compliance with such sub4 section; 

5 (iii) obtain civil penalties; and 

6 (iv) obtain damages, restitution, or 

7 other compensation on behalf of residents 

8 of the State. 

9 (B) NOTICE.—The State shall serve writ10 ten notice to the Secretary of any civil action 

11 under subparagraph (A) before initiating such 

12 civil action. The notice shall include a copy of 

13 the complaint to be filed to initiate such civil 

14 action, except that if it is not feasible for the 

15 State to provide such prior notice, the State 

16 shall provide such notice immediately upon in17 stituting such civil action. 

18 (C) AUTHORITY TO INTERVENE.—Upon 

19 receipt of the notice required by subparagraph 

20 (B), the Secretary may intervene in such civil 

21 action and upon intervening— 

22 (i) be heard on all matters arising in 

23 such civil action; and 

24 (ii) file petitions for appeal of a deci25 sion in such civil action. 

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1 (D) CONSTRUCTION.—For purposes of 

2 bringing any civil action under subparagraph 

3 (A), nothing in this paragraph shall prevent the 

4 chief law enforcement officer of a State from 

5 exercising the powers conferred on the chief law 

6 enforcement officer by the laws of such State to 

7 conduct investigations or to administer oaths or 

8 affirmations or to compel the attendance of wit9 nesses or the production of documentary and 

10 other evidence. 

11 (E) LIMITATION ON STATE ACTION WHILE

12 FEDERAL ACTION IS PENDING.—If the Sec13 retary has instituted a civil action or an admin14 istrative action for violation of subsection (a), a 

15 chief law enforcement officer, official, or agency 

16 of a State may not bring an action under this 

17 paragraph during the pendency of that action 

18 against any defendant named in the complaint 

19 of the Secretary or another agency for any vio20 lation of this Act alleged in the complaint. 

21 (F) RULE OF CONSTRUCTION.—This para22 graph may not be construed to prohibit an au23 thorized State official from proceeding in State 

24 court to enforce a civil or criminal statute of 

25 such State. 

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1 (e) LOW-INCOME HOUSING ASSISTANCE.— 

2 (1) DEPOSIT OF FUNDS.—Amounts collected in 

3 any penalty under subsection (d)(1) shall be depos4 ited in the Housing Trust Fund established under 

5 section 1338 of the Federal Housing Enterprises Fi6 nancial Safety and Soundness Act of 1992 (12 

7 U.S.C. 4568). 

8 (2) USE OF FUNDS.—To the extent provided 

9 for in advance in appropriations Acts, the amounts 

10 deposited in the Fund shall be used to increase and 

11 preserve the supply of rental housing affordable to 

12 extremely low- and very low-income families, includ13 ing homeless families, in accordance with section 

14 1338 of the Federal Housing Enterprises Financial 

15 Safety and Soundness Act of 1992 (12 U.S.C. 

16 4568). 

17 (f) EFFECT ON OTHER LAWS.— 

18 (1) OTHER AUTHORITY OF FEDERAL HOUSING

19 ADMINISTRATION.—Nothing in this section may be 

20 construed to limit the authority of the Secretary 

21 under any other provision of law. 

22 (2) STATE LAW.—Nothing in this section pre23 empts any State law. 

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1 SEC. 4. HUD INVESTIGATION AND REPORT ON HOUSING 

2 PRICES. 

3 (a) INVESTIGATION.— 

4 (1) IN GENERAL.—The Secretary shall conduct 

5 an investigation to determine if the prices for rental 

6 housing units or sale of single-family housing are 

7 being manipulated by reducing housing capacity or 

8 by any other form of market manipulation or artifi9 cially increased by price gouging practices. 

10 (2) CONSIDERATION.—In conducting the inves11 tigation under paragraph (1), the Secretary may 

12 consider the impact of mergers and acquisitions in 

13 the real estate industry, including mergers and ac14 quisitions involving developers, managers, owners, 

15 and investors. 

16 (b) REPORT.— 

17 (1) IN GENERAL.—Not later than 270 days 

18 after the date of enactment of this Act, the Sec19 retary shall submit to the Congress a report on the 

20 investigation conducted under subsection (a). 

21 (2) CONTENTS.—The report shall include— 

22 (A) a long-term strategy for the Depart23 ment of Housing and Urban Development and 

24 the Congress to address manipulation of rental 

25 housing markets and markets for sale of single26 family housing, and in preparing the strategy 

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1 the Secretary shall utilize data on race, gender, 

2 and socioeconomic status; and 

3 (B) a description and analysis of how non4 occupant investors in single-family housing im5 pact underserved communities. 

6 (c) EXEMPTION FROM PAPERWORK REDUCTION

7 ACT.—Chapter 35 of title 44, United States Code, shall 

8 not apply to the collection of information under subsection 

9 (a). 

10 (d) AUTHORIZATION OF APPROPRIATIONS.—There is 

11 authorized to be appropriated to the Secretary to carry 

12 out this section $1,000,000 for fiscal year 2024. 

13 SEC. 5. HOUSING COST MONITORING AND ENFORCEMENT 

14 WITHIN HUD. 

15 (a) ESTABLISHMENT OF THE HOUSING MONITORING

16 AND ENFORCEMENT UNIT.— 

17 (1) IN GENERAL.—The Secretary shall establish 

18 within the Department of Housing and Urban De19 velopment the Housing Monitoring and Enforcement 

20 Unit (in this section referred to as the ‘‘Unit’’). 

21 (2) DUTIES OF THE UNIT.— 

22 (A) PRIMARY RESPONSIBILITY.—The pri23 mary responsibility of the Unit shall be to assist 

24 the Secretary in protecting the public interest 

25 by continuously and comprehensively collecting, 

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1 monitoring, and analyzing rental housing mar2 ket data, data for markets for sale of single3 family housing, and data on investor-owned, 

4 non-owner occupied housing units, in order to— 

5 (i) support transparent and competi6 tive market practices; 

7 (ii) identify any market manipulation, 

8 including by collecting and analyzing data 

9 on race, gender, and socioeconomic status, 

10 any reporting of false information, any use 

11 of market power to disadvantage con12 sumers, or any other unfair method of 

13 competition; and 

14 (iii) facilitate enforcement of penalties 

15 against persons in violation of relevant 

16 statutory prohibitions. 

17 (B) SPECIFIC DUTIES.—In order to carry 

18 out the responsibility under subparagraph (A), 

19 the Unit shall assist the Secretary in carrying 

20 out the following duties: 

21 (i) Receiving, compiling, and ana22 lyzing relevant buying and selling activity 

23 in order to identify and investigate anoma24 lous market trends and suspicious behav25 ior. 

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1 (ii) Determining whether excessive 

2 concentration or exclusive control of hous3 ing-related infrastructure may allow or re4 sult in anti-competitive behaviors. 

5 (iii) Obtaining a data-sharing agree6 ment with State and local jurisdictions, 

7 housing agencies, and relevant public and 

8 private data sources to receive and archive 

9 information on housing purchases by insti10 tutional investors within a given area. 

11 SEC. 6. INVESTIGATIONS OF EXCESSIVE HOUSING PUR12 CHASES. 

13 The Secretary shall monitor purchases of single-fam14 ily housing in each housing market area in the United 

15 States, as determined by the Secretary, to determine 

16 whether any single purchaser of such housing, including 

17 any purchaser that is an institutional investor, is pur18 chasing an excessive amount of such housing made avail19 able for sale in any such market area. If the Secretary 

20 determines that any single purchaser has purchased more 

21 than 5 percent of the single-family housing made available 

22 for sale in any market area over a 3-year period, or if, 

23 in aggregate, large institutional investors have purchased 

24 more than 25 percent of the single-family housing made 

25 available for sale in any market area over a 1-year period, 

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1 the Secretary shall conduct an investigation to determine 

2 the purposes of and circumstances involved in such pur3 chases, including price gouging, market manipulation, and 

4 unfair investment practices that drive homeowners out of 

5 the market. 

6 SEC. 7. IDENTIFICATION OF UNFAIR SCREENING PRAC7 TICES. 

8 The Secretary, the Federal Trade Commission, and 

9 the Bureau of Consumer Financial Protection shall joint10 ly— 

11 (1) carry out a program to collect information 

12 to identify practices that unfairly prevent applicants 

13 and tenants of rental housing from accessing or 

14 staying in housing, including the establishment and 

15 use of tenant or applicant background checks, the 

16 use of algorithms in tenant screenings, the provision 

17 of adverse action notices by landlords and property 

18 management companies, and the use of information 

19 regarding tenant income sources; and 

20 (2) submit a report to the Congress annually 

21 describing the information collected under the pro22 gram carried out pursuant to paragraph (1). 

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1 SEC. 8. LIMITATION ON FANNIE MAE AND FREDDIE MAC IN2 VESTMENTS. 

3 Subpart A of part 2 of subtitle A of the Federal 

4 Housing Enterprises Financial Safety and Soundness Act 

5 of 1992 (12 U.S.C. 4541 et seq.) is amended by adding 

6 at the end the following new section: 

7 ‘‘SEC. 1329. LIMITATION ON ENTERPRISE INVESTMENTS. 

8 ‘‘The Director shall, by regulations issued after notice 

9 and opportunity for interested parties to comment at a 

10 public hearing, establish standards and criteria for the 

11 purchase by the enterprises of mortgages on multifamily 

12 rental housing as the Director considers necessary to en13 sure basic renter protections and prevent egregious rent 

14 increases for tenants in such housing.’’. 

15 SEC. 9. REVIEW OF ANTI-COMPETITIVE BEHAVIORS. 

16 The Attorney General and the Federal Trade Com17 mission shall jointly conduct a review to identify any anti18 competitive behaviors in the single-family housing and res19 idential rental markets, including anti-competitive infor20 mation sharing, and not later than 1 year after the date 

21 of enactment of this Act shall submit a report to the Con22 gress setting forth the findings of such review. 

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