Donald Trump said his administration was moving to ban large institutional investors from buying single-family homes in a bid to reduce home prices.

In a post on Truth Social, his social media platform, the US president said he will be asking Congress to codify the measure and will be discussing additional housing and affordability proposals in a speech at the Davos World Economic Forum.

Trump capitalized on concerns around affordability during the 2024 presidential election campaign, pledging to rapidly reduce the cost of living for millions of Americans.

Since he returned to power a year ago, however, concerns around prices and affordability have persisted as inflation remained stubbornly above typical levels.

House prices soared to record levels in the US during the pandemic, before slipping back. The median sale price stood at $410,800 last year, according to the US Census Bureau.