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Corporate home buyer executive order
FOX 13's Genevieve Curtis reports.
TAMPA, Fla. - A new front has opened in the fight for the American Dream as corporate investors continue to snap up single-family homes across the country. A new executive order aims to rein in the practice, sparking a fierce standoff between Washington and the real estate industry.
Across the Tampa Bay area, the landscape is changing. It isn't just about individual homes being sold — entire neighborhoods are now being "Built-to-Rent." These developments are designed solely for corporate ownership rather than individual homeowners.
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Critics argue these corporations are squeezing average families out of the market by outbidding them with cash offers. Corporations claim they are filling a vital gap, providing affordable housing options during a historic national shortage.
Local perspective:
For many residents, the reality of corporate landlords doesn't match the marketing.
Leanna Webb and her husband moved into what they thought was a "newly renovated" home with their newborn baby. A month in, they discovered a massive termite infestation.
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They and their attorney said it took four months before the company agreed to fumigate. That, they added, was after the company got four quotes from four companies all saying there was an infestation.
Beyond the pests, Webb pointed to hidden fees and a lack of accountability.
"We moved into a home that supposedly had all the bells and whistles, but its bones were not representing that," Webb said. "In a market where they're buying up everything, our options are much more selective in an already competitive and expensive environment."
The backstory:
This week, President Donald Trump signed an executive order that took direct aim at the industry, calling on the Treasury, the Department of Justice, and the Federal Trade Commission to scrutinize these business practices.
He said, "Homes are built for people, not for corporations."
He’s also calling on Congress to ban institutional investors from buying single-family homes entirely. And in a recent speech, he highlighted the tax disparity.
"A person can't get depreciation on a house, but when a corporation buys it, they get depreciation," the president said.
What they're saying:
The National Rental Home Council (NRHC), which represents these large-scale owners, is fighting back. They argue that corporate landlords own less than 1% of U.S. single-family homes and provide a necessary service for families who can't yet afford to buy one.
"For many families, single-family rentals provide stability... and a launchpad to homeownership. Our country needs more housing investment," the NRHC stated in a recent release.
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As the legal battle looms, Webb has one piece of advice for those looking for a place to live: Research the landlord as much as the house. She said check social media, look at Facebook and Instagram, browse Reddit for "day-to-day" experiences from actual tenants.
What's next:
While the executive order is a major signal of intent, the path to a full ban remains murky. Legal experts expect significant challenges from real estate giants as they fight to protect their investments in the courts.
The Source: The information in this story was gathered during an interview with a renter and includes statements made by President Donald Trump and the group representing industrial investors.