Three Jersey City councilmen are urging federal lawmakers to ban private companies from purchasing one- to four-family homes, saying the growing trend is hurting the city and its residents.
The city council is expected to vote Wednesday on the resolution sponsored by Councilmen Yousef Saleh, James Solomon and Frank Gilmore supporting the “End Hedge Fund Control of American Homes Act,” which is being considered by the House of Representatives.
The federal bill would ban companies like hedge funds, private equity firms, large corporations, and institutional investors from owning single-family homes and require they sell at least 10% of their inventory to families.