On March 5, Director of Intergovernmental Affairs Dominic Butchko submitted written testimony to the Ways and Means Committee in support of HB 1188 – Excess Ownership of Single-Family Residences Excise Tax (End Hedge Fund Control of Maryland Homes Act of 2026).
This bill seeks to establish commonsense guardrails on large hedge funds and other Wall Street-backed firms from purchasing a disproportionate amount of any county’s housing supply.
As Maryland continues to grapple with housing affordability challenges, policymakers are exploring a range of strategies to stabilize housing markets and expand opportunities for residents. HB 1188 addresses this by targeting high-volume acquisitions by large investment firms which contribute to rising housing costs and reduced availability for homebuyers.
The challenges around affordable housing are multipronged, and to a
meaningful extent are driven, or exacerbated, by the greed of out-of-state corporate interests looking to Maryland to profit from the widespread housing crisis. There is no silver bullet for lowering housing costs; Maryland needs a robust, diverse, and flexible strategy, including targeting the worst actors who artificially drive up the cost of housing and have no regard for the impact on local communities.
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