``In order to have the type of pricing power that would allow any entity to push up rents and home prices, it would need to own significant shares if not an outright majority of homes in a particular market. At the national level, this is obviously not happening. According to one report, institutional investors purchased just 3 percent of homes sold in 2021. At the state level, the story seems unlikely as well. Georgia, a state with a relatively high amount of investor activity, saw some 8.5 percent of 2021 home sales go to the largest investors, according to CoreLogic data. In Merkley's home state, just 2 percent of sales went to "mega-investors," who own 1,001 or more properties. But 8 or 2 percent of home sales doesn't mean 8 or 2 percent of the total housing stock--far from it. After all, most homes aren't up for sale; from year to year, a great majority of homes remain in the same hands. Further, a purchase does not mean a permanent holding. Investors in both states quite likely went on to sell some of these homes. ''

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