Temporary prohibition on purchasing residential real estate

(a) Definitions In this section: (1) Covered period The term covered period means the period— (A) beginning on the date of enactment of this Act; and (B) ending on— (i) the date that is 2 years after the date of enactment of this Act; or (ii) if the President makes an extension under subsection (f), the date on which the extension expires under that subsection. (2) Residential real estate The term residential real estate means— (A) a single-family home; (B) a unit in a condominium or a condominium; (C) a townhouse; (D) a unit in a cooperative or a cooperative; (E) a unit in a duplex or a duplex; (F) a unit in a triplex or a triplex; (G) a unit in a fourplex or a fourplex; and (H) a parcel of land that a local government has zoned for development of a type of housing described in this paragraph. (3) Secretary The term Secretary means the Secretary of Commerce. (b) Prohibition A covered foreign entity may not purchase a unit of residential real estate in the United States during the covered period. (c) Divestment requirement Not later than 1 year after the date of enactment of this Act, a covered foreign entity shall divest itself from any ownership of units of residential real estate in the United States. (d) Penalty With respect to each unit of residential real estate owned by a covered foreign entity in violation of subsection (b) or (c), the Secretary shall fine the covered foreign entity in an amount equal to $1,000 for each day the covered foreign entity owns the unit of residential real estate in violation of either of those subsections. (e) Enforcement The Attorney General may enforce the provisions of this Act, including by seizing assets and seeking appropriate injunctive relief. (f) Presidential extensions On the date that is 2 years after the date of enactment of this Act, and every 2 years thereafter, the President may extend the covered period for an additional 2 years. (g) Implementation (1) In general The Secretary, in coordination with the Attorney General, shall issue guidance and regulations for the implementation of this Act. (2) Office The Secretary shall establish an office within the Department of Commerce for the purpose of— (A) monitoring compliance with this Act; and (B) imposing fines under subsection (d). (h) Report Not later than 540 days after the date of enactment of this Act, the Secretary shall submit to Congress a report that details the impact of the prohibition under subsection (b) on the residential real estate market and housing affordability in the United States.