00:00Today I'm taking action to bring back this bedrock of the American dream.
00:05In recent years, Wall Street giants and institutional investment firms, many of you are here, many
00:10of you are good friends of mine, many of you are supporters, sorry to do this to you, I'm
00:14so sorry.
00:15But you've driven up housing prices by purchasing hundreds of thousands of single-family homes
00:20and it's been a great investment for them, often as much as 10% of houses on the market.
00:27You know, the crazy thing is a person can't get depreciation on a house, but when a corporation
00:31buys it, they get depreciation, okay, that's something we're going to have to think about
00:35too.
00:36I don't know if too many people think about that.
00:38You buy a corporation, they buy 500 houses, they buy hundreds of thousands, they buy 500
00:44houses, they can take depreciation.
00:47A person sweats and works and buys one house, they can't.
00:52But homes are built for people, not for corporations, and America will not become a nation of renters,
00:58we're not going to do that.
01:00That's why I have signed an executive order banning large institutional investors from
01:04buying single-family homes, it's just not fair to the public, they're not able to buy
01:10a house.
01:11And I'm calling on Congress to pass that ban into permanent law, and I think they will.
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