President Donald Trump’s proposed ban on “large institutional investors” buying single-family homes could impact ultra-rich family offices, not just Wall Street landlords. Family offices in North America invest an average of 18% in real estate, with residential properties making up nearly a third. The ban’s impact depends on the definition of a large institutional investor, potentially affecting rich families with real estate portfolios.

Congress and agencies have focused on the number of homes owned by investors, with some proposals targeting those with over 1,000 properties or 50+ single-family homes. Family offices typically prefer multifamily housing and commercial developments, but some have significant single-family home portfolios. The ban’s impact on family offices remains uncertain at this time due to the diverse structures of family office entities.

While family offices may not be immediately affected by the ban, the long-term implications are unclear. The focus is currently on Wall Street landlords, but future policies could target different types of investors. The administration’s commitment to this issue will determine if additional regulations beyond the initial ban are pursued.

Read more at CNBC: Family offices could be hit in Trump ban on investors buying homes