Trump says institutional investors will be banned from buying U.S. single-family homes; Blackstone falls 9.3%.

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After U.S. President Trump stated he would push to ban institutional investors from purchasing single-family homes, the stock prices of Blackstone Inc. and other housing-related companies plunged sharply.

Trump made this statement on social media on Wednesday, saying he would ask Congress to confirm the move in legislation, though he has yet to disclose specific implementation details. He also said he plans to address this topic and other measures related to the cost of living during his appearance at the Davos World Economic Forum later this month.

After Trump declared he would "immediately take action to prohibit large institutional investors from continuing to buy single-family homes" to promote housing affordability, Blackstone's stock price at one point tumbled 9.3% before narrowing some losses. Blackstone is a major investor in the residential real estate sector.

Industry insiders said: "This will have a substantive impact on their business. Private equity firms are already encountering difficulties in liquidating many investments. Blackstone operates one of the largest single-family home rental businesses in the U.S., generating considerable revenue. Following a recent rebound in its stock price, today’s news causing a sharp pullback is not surprising."

Other notably declining stocks included: housing rental company American Homes 4 Rent down 11%, Invitation Homes Inc. down 10%, and building materials company Builders FirstSource Inc. falling over 5%. The S&P Homebuilders Index at one point dropped 2.2%, with 15 of the 18 constituent stocks trading lower.

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