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own less than one percent of single-family homes

Less than 1% of homes are on the market at any given time, so at 1% market ownership that private equity could choke liquid supply

whether the President has legal authority

TDS, the executive branch sword that financial institutions built to defend their monopolies cuts both ways. Live by the state, die by the state.

their impact on prices is modest

Not knowable, ownership is responsive

states in blue

Private equity front-runs where industry (and thus workers) are moving to, not from. Only logical they'd buy up housing stock in an area where they're also planning large factories.

Places with more large institutional investor ownership of single-family homes saw larger price declines over the most recently available 12-month period

They intentionally buy falling knives where the downside is largely priced-in.