Get weekly updates in your inbox - subscribe to the Riley Report!

$

Riley Introduces Bipartisan Bill to Stop Wall Street from Buying Up Affordable Housing

WASHINGTON, D.C. — Representatives Josh Riley (NY-19) and Pat Harrigan (NC-10) today introduced the ‘Families First Housing Act’ (H.R. 6962) bipartisan legislation to stop Wall Street investors from buying up affordable housing, and put homeownership back in reach of working families.

“Families in Upstate New York shouldn’t have to compete with Wall Street hedge funds just to buy a home,” said Rep. Riley. “But that’s exactly what’s happening—big investors are swooping in, buying up houses, and pricing out regular families who’ve been working hard and saving up. This bill puts an end to it by giving families and local communities first dibs on homes before Wall Street can grab them. That’s how we keep homeownership within reach for working people.”

“Homeownership is slipping out of reach for a lot of Americans, especially young families,” said Congressman Harrigan. “Americans want to raise their kids in homes they actually own, and the Families First Act, which I introduced with Rep. Josh Riley, helps restore that opportunity by making sure federally backed homes go to families first, not Wall Street.”

Large investors buying up homes in bulk is a growing problem, driving up prices and turning what should be affordable starter homes into permanent rentals. Nearly 27% of all homes sold in the first quarter of 2025 were bought by investors, and Wall Street institutions are predicted to own as many as 7.6 million homes, or more than 40% of all single-family rentals, by 2030.

The ‘Families First Housing Act’ keeps federally-connected homes from becoming Wall Street inventory by creating a 180-day “first look” period that gives families, nonprofits and local governments exclusive access to single-family homes owned or foreclosed upon by federal housing entities before institutional investors can purchase them. The bill would also create an online public clearinghouse to list eligible properties for sale.

The legislation has drawn bipartisan support, with President Trump expressing concerns about institutional investors distorting housing markets as recently as this week.

Full bill text is available HERE.

###

Read The Latest Updates

More Updates

Riley Introduces Fertilizer Pricing Bill as Iran War Drives Up Costs for Farmers

Congressman Josh Riley (NY-19) helped introduce the bipartisan Fertilizer Transparency Act, legislation to require the U.S. Department of Agriculture (USDA) to establish a mandatory weekly reporting program for fertilizer prices and quantities sold across the country.

"Farmers in New York's 19th district are already up against the wall — unpredictable weather, volatile markets, and now a war halfway around the world is spiking the cost of the fertilizer they depend on every season. That's not fair, and it's not something our farmers should have to navigate blind."

Riley Forces Insurance Companies to put Patients Over Profits

U.S. Representative Josh Riley (NY-19) today announced he is co-leading the bipartisan Care Over Profits Act (H.R. 7861) to force health insurance companies to spend more of the money families pay in premiums on actual care. The bill would raise the required Medical Loss Ratio from 80 percent to 85 percent and impose penalties on agents and brokers who fraudulently create or modify Affordable Care Act marketplace plans without a patient’s consent.

Riley Secures Major Wins for Upstate Communities in 2026 Farm Bill

Congressman Josh Riley announced a series of wins for Upstate New York farmers and rural communities after the House Agriculture Committee passed the Farm, Food, and National Security Act of 2026, sending the legislation to the full House of Representatives. During the committee’s markup of the Farm Bill, Riley secured a number of provisions focused on farm safety, supporting dairy and organic farmers, lowering costs, strengthening local food systems, and protecting American farmland.

ICYMI: Rep. Riley Launches Congressional Lowering Utility Bills Caucus

Representative Josh Riley (NY-19) yesterday launched the Congressional Lowering Utility Bills Caucus, a group of lawmakers dedicated to finding legislative solutions to the ongoing energy affordability crisis. The caucus will convene House Members around oversight strategies and tools to hold utility providers accountable for rate hikes.