Protecting the Dream of Homeownership in Oregon

By Rep. Matt Bunch, For The Sandy Standard

One of the most important parts of the American dream is the opportunity to own a home. For generations, homeownership has helped families build stability, create generational wealth, and invest in their communities. Unfortunately, that opportunity is becoming harder to reach for many Oregonians.

In recent years, we’ve seen a growing trend across the country: large institutional investors purchasing residential homes at scale and turning them into investment assets. These firms often have access to massive amounts of capital, allowing them to outbid local families who are simply trying to buy their first home. When this happens, it drives up prices and reduces the number of homes available to the people who actually want to live in our communities.

That’s why I supported HB 4128-A5, legislation designed to place reasonable limits on certain large institutional real estate investors purchasing residential property in Oregon. The goal is simple: make sure that everyday families have a fair shot at owning a home.

The bill focuses specifically on large-scale investors and entities backed by institutional capital. It expands the definition of “covered entities” to ensure companies funded by institutional investors cannot bypass the law through technical loopholes. At the same time, it carefully narrows its scope by excluding middle housing and providing exceptions for properties acquired through foreclosure. This ensures that the legislation remains targeted and does not interfere with normal real estate transactions or local housing development.

Across Oregon and across the country, lawmakers are recognizing the impact that institutional ownership of housing can have on local markets. At the national level, President Donald Trump has emphasized policies aimed at protecting American workers and families from market distortions created by large financial institutions. When housing becomes a commodity for massive investment funds rather than a place where families live and build their lives, the entire market becomes distorted.

Homes should first and foremost be places where people live — not just assets traded by corporations.

HB 4128-A5 also strengthens enforcement so that the law has real impact. It gives the Oregon Department of Justice authority to investigate violations and pursue civil penalties when necessary. Companies that violate the law could face penalties of up to $250,000 per unlawful property acquisition. Importantly, the bill does this without creating new layers of bureaucracy. Enforcement will operate within existing structures, and any penalties collected will help fund consumer protection efforts already in place.

This bill is not anti-business. Oregon needs strong businesses and investment. But we also need fair markets where local families can compete. When institutional investors dominate housing markets, the playing field tilts sharply away from working families and first-time homebuyers.

In the communities I represent — Canby, Sandy, Estacada, and rural Clackamas County — homeownership is deeply tied to family stability and long-term opportunity. People want to put down roots, raise their kids, and invest in the neighborhoods they care about.

We have a responsibility to protect that opportunity.

HB 4128-A5 is one step toward making sure our housing market works for the people who live here — not just for large investment firms. And that’s a step worth taking.