S. 2573 — Foreign Property Ownership Transparency Act

This section states congressional findings on (1) the marked increase in foreign purchases of U.S. residential real estate; (2) purchases made through shell companies or trusts that raise transparency and beneficial ownership concerns; (3) potential impacts of such ownership on housing affordability, particularly in high-demand urban and coastal markets; and (4) the federal government's lack of a comprehensive, coordinated understanding of the extent and impact of foreign residential property ownership.

This section directs the Comptroller General of the United States to conduct a study on purchases of residential real estate in the United States by foreign individuals, entities, and governments. The study must analyze (1) the volume and geographic concentration of such purchases since January 1, 2015; (2) ownership structures used, including shell companies and trusts; (3) implications for U.S. residents' housing affordability and availability; (4) federal, state, and local data collection efforts and gaps; and (5) relevant national security concerns, including property proximity to sensitive sites. The Comptroller General must submit a report on the study to the Senate Committee on Finance not later than one year after the date of enactment of this Act.

This section directs the Secretary of Housing and Urban Development (HUD), in coordination with the Comptroller General of the United States, to (1) review findings of a study required under section 3(a), (2) evaluate the impact of foreign real estate investment on U.S. housing markets and affordability, and (3) consult with state and local housing authorities on trends in foreign purchases of residential real estate. Not later than 180 days after submission of the report under section 3(c), HUD must submit to Congress a report with recommendations to improve transparency of foreign ownership in residential property transactions, protect U.S. residents' access to such transactions, and identify any necessary legislative or regulatory actions.