Homes Are For Families - Not Wall Street | Senator Joe Nicola

SB 920 Puts Missouri Families First

Missouri families are facing a growing challenge in today’s housing market. Across our state — from St. Louis to Kansas City to Springfield and small towns in between — hardworking citizens are finding it harder to buy a home. Instead of seeing houses returned to the market for ownership, many are being scooped up by large investment firms, kept off the market, and turned into rentals. That trend drives up prices for everyone and slowly erodes the dream of homeownership that is central to our communities and our values.

To address this issue head-on, I prefiled Senate Bill 920 for the 2026 legislative session. This bill is rooted in a fundamental belief:

Property Rights are Key to Liberty

Missourians should have the opportunity to own their home, not be priced out of by multi-billion dollar investment firms.

What SB 920 Does

SB 920 limits the residential properties these large firms are permitted to purchase.

The definition of “business entity” in this bill specifically includes private investment firms, hedge funds and their subsidiaries, while protecting banks, mortgage companies and home builders.
SB 920 targets existing residential property, not new construction, and includes single family homes and buildings with up to 4 units.
A business or investment entity which owns 50 single family homes or 100 residential units is prohibited from purchasing any more.
The Attorney General may bring a cause of action suit against entities in violation and require properties to be sold within 90 days.
Civil penalties of up to $250,000 and associated costs may be imposed for violations.

Why It Matters

Less homeownership. It’s getting harder and harder for citizens across Missouri to own a home, especially for our young adults. Owning a home is more than a financial investment, it’s the primary way we build wealth and pass it on to the next generation. It’s part of the “American Dream”, building families, planting roots and growing communities.

Wall street firms are increasing prices. Investment and private equity firms that offer better than market value cash purchases for homes without inspections are dangling a carrot that is hard for most sellers to pass up. But when those sales are made, they drive up prices for everyone and reduce affordable inventory. When home prices go up in value, the taxes and homeowners insurance also increase. This creates a domino effect that hurts homeowners.

Declining neighborhoods. Oftentimes, when homes are converted to rentals owned by out-of-state conglomerates, they aren’t maintained well and the quality of neighborhoods begin to suffer. These large firms don’t care about responding quickly to complaints or maintenance issues, they don’t have a personal stake in the property or the community.