Findings

Congress finds the following: (1) There has been a marked increase in foreign purchases of residential real estate in the United States in recent years. (2) Some foreign purchases of residential real estate are made through shell companies or trusts, raising concerns about transparency and beneficial ownership. (3) Foreign ownership of residential real estate may impact housing affordability, particularly in high-demand urban and coastal markets. (4) The Federal Government currently lacks a comprehensive, coordinated understanding of the extent and impact of foreign residential property ownership.