119-s2573

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2573 Introduced in Senate

    (IS) ]

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119th CONGRESS
 1st Session
 S. 2573

 To require the Comptroller General of the United States to conduct a 
 study on the purchase of residential real estate in the United States 
 by foreign individuals, entities, and governments, and for other 
 purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 31, 2025

Mrs. Blackburn introduced the following bill; which was read twice and 
 referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

 A BILL

 To require the Comptroller General of the United States to conduct a 
 study on the purchase of residential real estate in the United States 
 by foreign individuals, entities, and governments, and for other 
 purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Foreign Property Ownership 
Transparency Act''.

SEC. 2. 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.

SEC. 3. STUDY ON FOREIGN RESIDENTIAL REAL ESTATE PURCHASES.

    (a) In General.--The Comptroller General of the United States shall 
conduct a study on the purchase of residential real estate in the 
United States by foreign individuals, entities, and governments.

    (b) Scope.--The study conducted under subsection

    (a) shall 
include--

    (1) an analysis of the volume and geographic concentration 
 of foreign residential real estate purchases in the United 
 States since January 1, 2015;

    (2) an assessment of the ownership structures used in the 
 purchases described in paragraph

    (1) , including shell companies 
 and trusts;

    (3) an evaluation of the implications of the purchases 
 described in paragraph

    (1) on housing affordability and 
 availability for residents of the United States;

    (4) a review of Federal, State, and local data collection 
 efforts on foreign property ownership and any gaps in that 
 data; and

    (5) a review of relevant national security concerns 
 relating to the purchases described in paragraph

    (1) , including 
 proximity of properties to sensitive sites.
            (c) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller General of the United States shall submit to 
the Committee on Finance of the Senate a report of the study conducted 
under subsection

    (a) .

SEC. 4. HUD ASSESSMENT AND RECOMMENDATIONS.

    (a) In General.--The Secretary of Housing and Urban Development, in 
coordination with the Comptroller General of the United States, shall--

    (1) review the findings of the study required under 

section 3

    (a) ;

    (2) evaluate the impact of foreign real estate investment 
 on housing markets and affordability in the United States; and

    (3) consult with State and local housing authorities on 
 trends in the foreign purchase of residential real estate.

    (b) Policy Recommendations.--Not later than 180 days after the date 
of submission of the report under 

section 3
            (c) , the Secretary of 
Housing and Urban Development shall submit to Congress a report that 
includes--

    (1) recommendations for improving the transparency of 
 foreign ownership in residential property transactions in the 
 United States;

    (2) recommendations for protecting access to residential 
 real estate transactions for residents of the United States; 
 and

    (3) any legislative or regulatory actions determined 
 necessary to carry out the recommendations described in 
 paragraph

    (1) and

    (2) .
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