The executive order does not define the term; it directs the Secretary of the Treasury (in consultation with the Assistant to the President for Economic Policy) to develop a definition within 30 days. How broad the Treasury’s definition could be is open: agencies commonly use thresholds ranging from a few dozen properties up to 100+ or 1,000+ homes to identify “large” or “mega” investors, so Treasury could adopt a relatively narrow cutoff (e.g., dozens or 100 homes) or a broader one (hundreds or thousands), and could include entities such as private‑equity firms, REITs, single‑family rental operators, and funds.
The Secretary of the Treasury must finalize the definitions, acting “in consultation with the Assistant to the President for Economic Policy.” The order gives the Treasury 30 days from the order date (Jan. 20, 2026) to do so (i.e., by Feb. 19, 2026).
Agencies must issue guidance within 60 days directing federal departments and GSEs to stop federal facilitation (e.g., providing, approving, insuring, guaranteeing, securitizing, or otherwise facilitating investor acquisitions) and to promote sales to owner‑occupants using anti‑circumvention rules, first‑look policies, and disclosure requirements. Enforcement will operate through agency rules, internal procedures, and contract/disposition practices (subject to applicable law and appropriations), similar to existing FHFA/Fannie‑Freddie “first‑look” programs and GSA disposal rules.
No. The order directs federal agencies and GSEs to change federal practices but does not directly prohibit private sellers from selling to institutional buyers. Executive orders cannot, on their own, broadly ban private parties from making legal private transactions unless backed by statute; the EO itself also says it must be implemented consistent with law and does not create private enforceable rights.
“Build‑to‑rent” (BTR) refers to homes or whole communities developed, financed and managed from the start as rental housing rather than for sale — professionally managed single‑family rental communities. The order permits narrowly tailored exceptions for BTR projects that are planned, permitted, financed and constructed as rental communities, meaning agencies may allow BTR developments to be owned by institutional investors if they meet those criteria.
Effects are uncertain and depend on the definition and other policies. If the order reduces investor purchases of existing single‑family homes it could modestly increase inventory available to buyers and ease competition for starter homes in some local markets; however, large investor holdings are a small share nationally, so broad price effects are likely limited without measures to boost supply. Restricting investor purchases could raise rents in some markets if investors respond by focusing on fewer units, but build‑to‑rent exceptions and increased owner‑occupant sales could moderate rental impacts. Housing economists warn that supply constraints and mortgage market conditions are the dominant drivers of prices, so the order alone may have limited nationwide impact.
The FHFA and the director of the FHFA are named in the order: within 60 days FHFA (and agencies) must issue guidance to prevent GSEs and agencies from facilitating sales to large institutional investors and to promote sales to owner‑occupants. FHFA already supervises Fannie Mae and Freddie Mac and has implemented enterprise “first‑look” REO policies; under the order FHFA will direct the GSEs’ practices and related guidance consistent with its statutory authority.
The Attorney General and the FTC Chairman are directed to review substantial or serial acquisitions by large institutional investors for anticompetitive effects and to prioritize antitrust enforcement where appropriate. Under U.S. antitrust law they can investigate, bring civil enforcement actions, and—through the DOJ—seek remedies (including divestiture or injunctions); the FTC can bring administrative or federal court actions and seek relief. Their authority is subject to existing antitrust statutes and enforcement standards.