Mr. Trump announced his plan via a Truth Social post, reading, "I am immediately taking steps to ban large institutional investors from buying more single-family homes."
"These investors are crushing the dream of home ownership, forcing rents too damn high," Newsom said. "I just humbly submit, I think it's shameful that we allow private equity firms in Manhattan to become some of the biggest landlords here."
"Having the president and the governor certainly elevates it," Lee said. "And if you're an American family out there or a California family out there, trying to buy a house right now, there's chances you compete with a corporation."
Real estate appraiser Ryan Lundquist has been charting the institutional investing in Sacramento and says stopping Wall Street sales now won't suddenly solve affordability problems.
Mr. Trump said he will be working with Congress and Newsom said he will be working with state lawmakers in the next few weeks.
He has been in touch with Lee on what the next steps will be in California.
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