The HOME Act of 2024 aims to protect consumers from price gouging in housing markets by empowering the Secretary of Housing and Urban Development to temporarily ban "unconscionably excessive" rental and home sale prices during declared affordable housing crises. Once the Secretary determines an affordable housing crisis exists and publishes this in the Federal Register, landlords and sellers cannot raise prices unreasonably to exploit the crisis, with specific consideration given to whether prices grossly exceed recent benchmarks or comparable properties in the area. The prohibition can last up to 30 consecutive days and be renewed, though sellers and landlords can defend price increases that reflect additional legitimate costs or risks.
The bill establishes enforcement mechanisms through HUD and state attorneys general, with penalties deposited into the Housing Trust Fund to support low-income housing. Additionally, the legislation directs HUD to investigate housing market manipulation, creates a new Housing Monitoring and Enforcement Unit within HUD, monitors institutional investor purchases of single-family homes, and requires federal agencies to examine unfair tenant screening practices and anti-competitive behavior in housing markets. The bill authorizes one million dollars for fiscal year 2024 to conduct the initial investigation and report to Congress within 270 days of enactment.
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