United States 119th Congress Status: In Committee 4 D cosponsors

HR 9657 — Protecting American Homes from Hedge Funds Act

Last action — Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced July 13, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 22% · moderate confidence

  • In Committee

    Current position in the legislative process.

  • 4 sponsors

    1 primary, 3 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (4 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

The bill addresses the influence of hedge funds on American home purchases.

This legislation aims to regulate hedge fund investments in residential real estate to protect homebuyers. It seeks to limit their purchasing power to ensure fair access to housing.

What this means for you
  • Families: This means families might have a better chance of purchasing homes without competition from large hedge funds.

Bill Text

How this bill changes current law

6 changes Share ↗

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill imposes an excise tax on hedge funds for not disposing of excess single-family residences.

  • Subtitle D of the Internal Revenue Code of 1986

    CHAPTER 50B--EXCESS SINGLE-FAMILY RESIDENCES Sec. 5000E. Newly acquired single-family residences. Sec. 5000F. Excess single-family residences. Sec. 5000G. Definitions and other special rules.

    Establishes a new chapter within the Internal Revenue Code addressing excess single-family residences owned by taxpayers.

  • Section 5000E

    (a) In General.--In the case of an applicable taxpayer, there is hereby imposed a tax on the acquisition of any newly acquired single-family residence equal to 50 percent of the fair market value of such residence.

    Imposes a tax on hedge funds equal to 50% of the fair market value of any newly acquired single-family residences.

  • Section 5000F

    (a) In General.--In the case of an applicable taxpayer who fails to meet the requirements of subsection (b), there is hereby imposed a tax equal to the product of--

    Imposes an excise tax on applicable taxpayers who do not comply with specified criteria regarding the number of single-family residences owned.

  • Section 5000F

    (1) $50,000, and (2) the excess of-- (A) the number of applicable single-family residences owned by the taxpayer as of the last day of the taxable year, over (B) the sum of-- (i) 50 (zero in the case of any hedge fund taxpayer), plus (ii) the maximum permissible units for the taxable year.

    Specifies the calculation of the tax imposed on applicable taxpayers for failing to dispose of excess single-family residences.

  • Section 5000F

    (1) In general.--An applicable taxpayer meets the requirement of this subsection for any taxable year if the number of applicable single-family residences owned by the taxpayer as of the last day of the taxable year is equal to or less than the maximum permissible units determined with respect to such taxpayer for such taxable year.

    Defines the conditions under which a taxpayer is exempt from the excise tax based on the number of single-family residences owned.

  • Section 5000G

    (a) Applicable Taxpayer.--For purposes of this chapter--(1) In general.--The term 'applicable taxpayer' means any person which--(A) manages funds pooled from investors, and (B) is a fiduciary with respect to such investors.

    Defines who qualifies as an 'applicable taxpayer' under the new excise tax provisions.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  4. Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Sponsorship breakdown

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1 sponsors · 3 co-sponsors · 543 not signed on

Sponsors (1)

Co-sponsors (3)

Not signed on (543)

543 members have not signed on to this bill.

Show all 543 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors HR 9657?
HR 9657 is sponsored by Smith, Adam (Democratic), Khanna, Ro (Democratic), Williams, Nikema (Democratic), and Sánchez, Linda T. (Democratic).
What is the current status of HR 9657?
This bill is in committee in the House. Introduced July 13, 2026. It must pass committee before a floor vote.
Where can I track HR 9657?
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