Secretary of the Treasury Scott Bessent was met with mockery after explaining he wants to protect “mom and pop” owners who have up to a dozen homes they’ve bought as retirement investments.
Bessent and President Donald Trump have declared they want to ban large institutional investors from purchasing single-family homes as housing becomes more scarce and less affordable.
“We are going to give guidance at some point to see what is a mom and pop, that someone — maybe your parents — for their retirement, [bought] about 5, 10, 12 homes,” Bessent told Fox Business’ Maria Bartiromo at the World Economic Forum in Davos.
“So we don’t want to push the mom and pops out,” he continued. “We just want to push everyone else out.”
Bessent, a former hedge fund manager, has an estimated net worth of $521 million, according to The Street.
Critics were quick to ridicule Bessent as out of touch.
“Good news for the forgotten man,” declared The Bulwark’s Tim Miller. “The mom and pop real estate investor who has purchased 12 homes can breathe easy, the Treasury Secretary is looking out for you.”
“These people are completely out of touch with how life is for you,” observed The Lincoln Project.
Governor Gavin Newsom’s Press Office commented, “Scott, people are trying to buy 1 house — to live in. Could the Trump Admin be any more out of touch?”
