BlackRock shares fell 2.3% to $1,086.36 on Wednesday, declining in early afternoon trading. The drop followed an announcement by former President Trump regarding institutional real estate investment.
Trump stated his intention to prevent large institutional investors from purchasing single-family homes. He posted the policy proposal on his Truth Social platform.
Trump indicated he would take immediate steps to enact the ban and seek congressional action to pass it into law. He plans to discuss the proposal at Davos later in the month. This potential policy shift introduces uncertainty for institutional investors involved in the single-family rental market.