II 119th CONGRESS 1st Session S. 2573 IN THE SENATE OF THE UNITED STATES July 31, 2025 Mrs. Blackburn introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Comptroller General of the United States to conduct a study on the purchase of residential real estate in the United States by foreign individuals, entities, and governments, and for other purposes.

1. Short title This Act may be cited as the Foreign Property Ownership Transparency Act . 2. Findings Congress finds the following: (1) There has been a marked increase in foreign purchases of residential real estate in the United States in recent years. (2) Some foreign purchases of residential real estate are made through shell companies or trusts, raising concerns about transparency and beneficial ownership. (3) Foreign ownership of residential real estate may impact housing affordability, particularly in high-demand urban and coastal markets. (4) The Federal Government currently lacks a comprehensive, coordinated understanding of the extent and impact of foreign residential property ownership. 3. Study on foreign residential real estate purchases (a) In general The Comptroller General of the United States shall conduct a study on the purchase of residential real estate in the United States by foreign individuals, entities, and governments. (b) Scope The study conducted under subsection (a) shall include— (1) an analysis of the volume and geographic concentration of foreign residential real estate purchases in the United States since January 1, 2015; (2) an assessment of the ownership structures used in the purchases described in paragraph (1), including shell companies and trusts; (3) an evaluation of the implications of the purchases described in paragraph (1) on housing affordability and availability for residents of the United States; (4) a review of Federal, State, and local data collection efforts on foreign property ownership and any gaps in that data; and (5) a review of relevant national security concerns relating to the purchases described in paragraph (1), including proximity of properties to sensitive sites. (c) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Finance of the Senate a report of the study conducted under subsection (a). 4. HUD assessment and recommendations (a) In general The Secretary of Housing and Urban Development, in coordination with the Comptroller General of the United States, shall— (1) review the findings of the study required under section 3(a); (2) evaluate the impact of foreign real estate investment on housing markets and affordability in the United States; and (3) consult with State and local housing authorities on trends in the foreign purchase of residential real estate. (b) Policy Recommendations Not later than 180 days after the date of submission of the report under section 3(c), the Secretary of Housing and Urban Development shall submit to Congress a report that includes— (1) recommendations for improving the transparency of foreign ownership in residential property transactions in the United States; (2) recommendations for protecting access to residential real estate transactions for residents of the United States; and (3) any legislative or regulatory actions determined necessary to carry out the recommendations described in paragraph (1) and (2).