S. 2573, the Foreign Property Ownership Transparency Act, requires the federal government to study foreign purchases of residential real estate in the United States to better understand the scope and impact of this activity. The bill directs the Comptroller General to analyze trends in foreign property purchases since 2015, examine how foreign buyers use shell companies and trusts to hide their identities, assess effects on housing affordability, and review national security concerns related to properties near sensitive sites. The Department of Housing and Urban Development must then review these findings and submit policy recommendations to Congress within 180 days of the study's completion, focusing on improving transparency in foreign property transactions and protecting housing access for American residents. The study must be completed within one year of the bill's enactment. This legislation affects foreign investors, domestic home buyers, real estate markets (particularly in high-demand urban and coastal areas), and state and local housing authorities who will be consulted during the review process.
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