President Donald Trump on Wednesday announced plans to ban large, institutional investors from purchasing single-family homes, asserting that the practice had driven up housing costs for would-be homebuyers.

"For a very long time, buying and owning a home was considered the pinnacle of the American Dream," Trump posted on Truth Social. "It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans."

"It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it," he added. "People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks."

Asset managers in particular have come under fire from young Americans and housing advocates over their purchases of single-family homes, often renting them out instead of selling them on the market.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.