ing unit or sell any single-family housing in the 
United States at a price that— 
(A) is unconscionably excessive; and 
(B) indicates the lessor or seller is exploit-
ing the circumstances related to an affordable 
housing crisis to increase prices unreasonably. 
(2) CONSIDERATIONS FOR AFFORDABLE HOUS-
ING CRISIS DETERMINATION.—For purposes of de-
termining whether the United States is experiencing 
an affordable housing crisis, the Secretary shall con-
sider— 
(A) the interest rates applicable to mort-
gage loans; 
(B) the effective Federal funds rate; 
(C) the refinance rates applicable to mort-
gage loans, including for fixed-fixed loans, 
fixed-variable loans, and variable-fixed loans; 
(D) the median rental home price in the 
United States; 
(E) the median home sale price in the 
United States; 
(F) the median household income in the 
United States; and 
(G) the declaration of a major disaster or 
emergency under the section 401 or 501, re-
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spectively, of the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act (42 
U.S.C. 5170, 5191). 
(3) DURATION.—The prohibition described in 
paragraph (1)— 
(A) may not apply for a period of more 
than 30 consecutive days, but may be renewed 
for such consecutive periods, each not to exceed 
30 days, as the Secretary determines appro-
priate; and 
(B) may apply for a period of time not to 
exceed 1 week before a reasonably foreseeable 
affordable housing crisis period. 
(4) FACTORS CONSIDERED.— 
(A) IN GENERAL.—In determining whether 
a person has violated paragraph (1), there shall 
be taken into account, among other factors, the 
aggravating factors described in subparagraph 
(B) and the mitigating factor described in sub-
paragraph (C). 
(B) AGGRAVATING FACTORS.—The aggra-
vating factors described in this subparagraph 
are the following: 
(i) Whether the amount charged by 
such person grossly exceeds the average 
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price at which the housing unit was offered 
for rental or sale by such person during— 
(I) the 30-day period before the 
date on which the determination that 
the area is experiencing an affordable 
housing crisis was made under para-
graph (1); or 
(II) another appropriate bench-
mark period, as determined by the 
Secretary. 
(ii) Whether the amount charged by 
such person grossly exceeds the price at 
which the same or a similar housing unit 
was readily obtainable for rental or pur-
chase in the same area from other sellers 
during the affordable housing crisis period. 
(C) MITIGATING FACTOR.—The mitigating 
factor described in this subparagraph is wheth-
er the quantity of any housing dwelling units 
such person made available for rental or sale in 
an area covered by the affordable housing crisis 
period during the 30-day period following the 
date on which the affordable housing crisis pe-
riod was determined increased over the quantity 
such person made available for rental or sale 
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during the 30-day period before the date on 
which the affordable housing crisis period was 
determined, taking into account any usual sea-
sonal demand variation. 
(5) ADVANCE
NOTICE.—The Secretary shall 
provide advance notice prior to the publication of the 
determination under paragraph (1) for persons to 
comply with the prohibition described in paragraph 
(1). 
(b) AFFIRMATIVE DEFENSE.—It shall be an affirma-
tive defense in any civil action or administrative action to 
enforce subsection (a), with respect to the renting out or 
sale of housing by a person, that the increase in the rental 
or sale price of such housing reasonably reflects additional 
costs that were paid, incurred, or reasonably anticipated 
by such person, or reasonably reflects additional risks 
taken by such person, to rent or sell such housing unit 
under the circumstances. 
(c) RULE OF CONSTRUCTION.—This section may not 
be construed to cover a transaction on a futures market. 
(d) ENFORCEMENT.— 
(1) HUD.—The Secretary shall enforce viola-
tions of subsection (a) of this section— 
(A) in the same manner, by the same 
means, and with the same jurisdiction, powers, 
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and duties as the Federal Trade Commission 
has under the Federal Trade Commission Act 
(15 U.S.C. 41 et seq.) with respect to violations 
of a rule defining an unfair or deceptive act or 
practice prescribed under section 18(a)(1)(B) of 
such Act (15 U.S.C. 57a(a)(1)(B)); and 
(B) as though all applicable terms and pro-
visions of the Federal Trade Commission Act 
(15 U.S.C. 41 et seq.) were incorporated into 
and made a part of this section, except that any 
reference in such terms and provisions to the 
Commission shall be treated as referring to the 
Secretary. 
(2) ENFORCEMENT
AT
RETAIL
LEVEL
BY 
STATE ATTORNEYS GENERAL.— 
(A) IN
GENERAL.—If the chief law en-
forcement officer of a State, or an official or 
agency designated by a State, has reason to be-
lieve that any person has violated or is violating 
subsection (a), the chief law enforcement offi-
cer, official, or agency of the State, in addition 
to any authority it may have to bring an action 
in State court under its laws, may bring a civil 
action in any appropriate United States district 
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court or in any other court of competent juris-
diction to— 
(i) enjoin further such violation by 
such person; 
(ii) enforce compliance with such sub-
section; 
(iii) obtain civil penalties; and 
(iv) obtain damages, restitution, or 
other compensation on behalf of residents 
of the State. 
(B) NOTICE.—The State shall serve writ-
ten notice to the Secretary of any civil action 
under subparagraph (A) before initiating such 
civil action. The notice shall include a copy of 
the complaint to be filed to initiate such civil 
action, except that if it is not feasible for the 
State to provide such prior notice, the State 
shall provide such notice immediately upon in-
stituting such civil action. 
(C) AUTHORITY
TO
INTERVENE.—Upon 
receipt of the notice required by subparagraph 
(B), the Secretary may intervene in such civil 
action and upon intervening— 
(i) be heard on all matters arising in 
such civil action; and 
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(ii) file petitions for appeal of a deci-
sion in such civil action. 
(D) CONSTRUCTION.—For purposes of 
bringing any civil action under subparagraph 
(A), nothing in this paragraph shall prevent the 
chief law enforcement officer of a State from 
exercising the powers conferred on the chief law 
enforcement officer by the laws of such State to 
conduct investigations or to administer oaths or 
affirmations or to compel the attendance of wit-
nesses or the production of documentary and 
other evidence. 
(E) LIMITATION ON STATE ACTION WHILE 
FEDERAL
ACTION
IS
PENDING.—If the Sec-
retary has instituted a civil action or an admin-
istrative action for violation of subsection (a), a 
chief law enforcement officer, official, or agency 
of a State may not bring an action under this 
paragraph during the pendency of that action 
against any defendant named in the complaint 
of the Secretary or another agency for any vio-
lation of this Act alleged in the complaint. 
(F) RULE OF CONSTRUCTION.—This para-
graph may not be construed to prohibit an au-
thorized State official from proceeding in State 
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court to enforce a civil or criminal statute of 
such State. 
(e) LOW-INCOME HOUSING ASSISTANCE.— 
(1) DEPOSIT OF FUNDS.—Amounts collected in 
any penalty under subsection (d)(1) shall be depos-
ited in the Housing Trust Fund established under 
section 1338 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 
U.S.C. 4568). 
(2) USE OF FUNDS.—To the extent provided 
for in advance in appropriations Acts, the amounts 
deposited in the Fund shall be used to increase and 
preserve the supply of rental housing affordable to 
extremely low- and very low-income families, includ-
ing homeless families, in accordance with section 
1338 of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 
4568). 
(f) EFFECT ON OTHER LAWS.— 
(1) OTHER AUTHORITY OF FEDERAL HOUSING 
ADMINISTRATION.—Nothing in this section may be 
construed to limit the authority of the Secretary 
under any other provision of law. 
(2) STATE LAW.—Nothing in this section pre-
empts any State law. 
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SEC. 4. HUD INVESTIGATION AND REPORT ON HOUSING 
PRICES. 
(a) INVESTIGATION.— 
(1) IN GENERAL.—The Secretary shall conduct 
an investigation to determine if the prices for rental 
housing units or sale of single-family housing are 
being manipulated by reducing housing capacity or 
by any other form of market manipulation or artifi-
cially increased by price gouging practices. 
(2) CONSIDERATION.—In conducting the inves-
tigation under paragraph (1), the Secretary may 
consider the impact of mergers and acquisitions in 
the real estate industry, including mergers and ac-
quisitions involving developers, managers, owners, 
and investors. 
(b) REPORT.— 
(1) IN
GENERAL.—Not later than 270 days 
after the date of enactment of this Act, the Sec-
retary shall submit to the Congress a report on the 
investigation conducted under subsection (a). 
(2) CONTENTS.—The report shall include— 
(A) a long-term strategy for the Depart-
ment of Housing and Urban Development and 
the Congress to address manipulation of rental 
housing markets and markets for sale of single- 
family housing, and in preparing the strategy 
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the Secretary shall utilize data on race, gender, 
and socioeconomic status; and 
(B) a description and analysis of how non- 
occupant investors in single-family housing im-
pact underserved communities. 
(c) EXEMPTION
FROM
PAPERWORK
REDUCTION 
ACT.—Chapter 35 of title 44, United States Code, shall 
not apply to the collection of information under subsection 
(a). 
(d) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Secretary to carry 
out this section $1,000,000 for fiscal year 2025. 
SEC. 5. HOUSING COST MONITORING AND ENFORCEMENT 
WITHIN HUD. 
(a) ESTABLISHMENT OF THE HOUSING MONITORING 
AND ENFORCEMENT UNIT.— 
(1) IN GENERAL.—The Secretary shall establish 
within the Department of Housing and Urban De-
velopment the Housing Monitoring and Enforcement 
Unit (in this section referred to as the ‘‘Unit’’). 
(2) DUTIES OF THE UNIT.— 
(A) PRIMARY RESPONSIBILITY.—The pri-
mary responsibility of the Unit shall be to assist 
the Secretary in protecting the public interest 
by continuously and comprehensively collecting, 
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monitoring, and analyzing rental housing mar-
ket data, data for markets for sale of single- 
family housing, and data on investor-owned, 
non-owner occupied housing units, in order to— 
(i) support transparent and competi-
tive market practices; 
(ii) identify any market manipulation, 
including by collecting and analyzing data 
on race, gender, and socioeconomic status, 
any reporting of false information, any use 
of market power to disadvantage con-
sumers, or any other unfair method of 
competition; and 
(iii) facilitate enforcement of penalties 
against persons in violation of relevant 
statutory prohibitions. 
(B) SPECIFIC DUTIES.—In order to carry 
out the responsibility under subparagraph (A), 
the Unit shall assist the Secretary in carrying 
out the following duties: 
(i) Receiving, compiling, and ana-
lyzing relevant buying and selling activity 
in order to identify and investigate anoma-
lous market trends and suspicious behav-
ior. 
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(ii) Determining whether excessive 
concentration or exclusive control of hous-
ing-related infrastructure may allow or re-
sult in anti-competitive behaviors. 
(iii) Obtaining a data-sharing agree-
ment with State and local jurisdictions, 
housing agencies, and relevant public and 
private data sources to receive and archive 
information on housing purchases by insti-
tutional investors within a given area. 
SEC. 6. INVESTIGATIONS OF EXCESSIVE HOUSING PUR-
CHASES. 
The Secretary shall monitor purchases of single-fam-
ily housing in each housing market area in the United 
States, as determined by the Secretary, to determine 
whether any single purchaser of such housing, including 
any purchaser that is an institutional investor, is pur-
chasing an excessive amount of such housing made avail-
able for sale in any such market area. If the Secretary 
determines that any single purchaser has purchased more 
than 5 percent of the single-family housing made available 
for sale in any market area over a 3-year period, or if, 
in aggregate, large institutional investors have purchased 
more than 25 percent of the single-family housing made 
available for sale in any market area over a 1-year period, 
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the Secretary shall conduct an investigation to determine 
the purposes of and circumstances involved in such pur-
chases, including price gouging, market manipulation, and 
unfair investment practices that drive homeowners out of 
the market. 
SEC. 7. IDENTIFICATION OF UNFAIR SCREENING PRAC-
TICES. 
The Secretary, the Federal Trade Commission, and 
the Bureau of Consumer Financial Protection shall joint-
ly— 
(1) carry out a program to collect information 
to identify practices that unfairly prevent applicants 
and tenants of rental housing from accessing or 
staying in housing, including the establishment and 
use of tenant or applicant background checks, the 
use of algorithms in tenant screenings, the provision 
of adverse action notices by landlords and property 
management companies, and the use of information 
regarding tenant income sources; and 
(2) submit a report to the Congress annually 
describing the information collected under the pro-
gram carried out pursuant to paragraph (1). 
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SEC. 8. LIMITATION ON FANNIE MAE AND FREDDIE MAC IN-
VESTMENTS. 
Subpart A of part 2 of subtitle A of the Federal 
Housing Enterprises Financial Safety and Soundness Act 
of 1992 (12 U.S.C. 4541 et seq.) is amended by adding 
at the end the following new section: 
‘‘SEC. 1329. LIMITATION ON ENTERPRISE INVESTMENTS. 
‘‘The Director shall, by regulations issued after notice 
and opportunity for interested parties to comment at a 
public hearing, establish standards and criteria for the 
purchase by the enterprises of mortgages on multifamily 
rental housing as the Director considers necessary to en-
sure basic renter protections and prevent egregious rent 
increases for tenants in such housing.’’. 
SEC. 9. REVIEW OF ANTI-COMPETITIVE BEHAVIORS. 
The Attorney General and the Federal Trade Com-
mission shall jointly conduct a review to identify any anti- 
competitive behaviors in the single-family housing and res-
idential rental markets, including anti-competitive infor-
mation sharing, and not later than 1 year after the date 
of enactment of this Act shall submit a report to the Con-
gress setting forth the findings of such review. 
Æ 
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