Bloomberg Businessweek Podcast Summary

Episode: Corporate Landlords Find Themselves in Trump’s Crosshairs
Date: January 13, 2026
Hosts: Carol Massar and Tim Stenovec
Guests: Stephen Shur (Co-President, Pretium), Sri Natarajan (Chief Wall Street Correspondent, Bloomberg News)

Episode Overview

This episode of Bloomberg Businessweek explores sudden political scrutiny on corporate landlords, focusing on President Trump’s pledge to halt institutional investors from buying more single-family homes. With the backdrop of surging home prices and rental costs, the discussion delves into the potential impacts of such a policy, the ongoing housing affordability crisis, and the evolving role of private capital in U.S. housing markets.

Key Discussion Points & Insights

1. Surprise Policy Shift from the Trump Administration

• [02:56] The hosts set the stage with President Trump’s unexpected announcement to restrict institutional homebuying, which caused significant market reaction among major rental home owners.
• Stephen Shur (Pretium) responds:
  • Admits the announcement was a surprise, as "[we] did not expect nor anticipate that that would be kind of an initiative that the President was going to take up specifically as it relates to single family homes" (Stephen Shur, 02:56).
  • Agrees the focus on housing affordability is needed, stating, "the president has put on the table a critically important issue for the country, which is affordability of housing."

2. Affordability Crisis & Private Capital’s Role

• [04:12] Discussion pivots to how private capital could help address the supply-demand gap—estimated at a shortfall of 3–4 million homes, especially acute in rentals.
• Rent-to-Own Models: Shur advocates for more assertive involvement from private capital, envisioning mechanisms like rent being used to build deposits for a down payment and potential for mortgage innovations (e.g., ultra-low rates with government or bank support).
  • "Imagine a scenario in which rent is paid, money's held back to provide against a deposit account for a down payment on that home... Imagine mortgages in the 1 or 2% category..." (Stephen Shur, 04:12).
• Notes that "90% of our renters are not eligible for a mortgage... [and] to own a home relative to rent a home is about 40% more expensive."

3. Collaborative Approach & Precedents

• [06:14] Shur references the need for a collective effort among private capital, homebuilders, banks, and government-sponsored entities (GSEs).
• Points to the Opportunity Zones program (enacted in 2017 and made permanent), which leveraged $100 billion in private capital for community investment, as an example of successful public-private collaboration.
  • "There's a basis by which private capital can be harnessed and put to work. I think this is an extension of that." (Stephen Shur, 06:14)

4. Industry Response to Policy Threats

• [07:46] Shur confirms that behind-the-scenes industry conversations started quickly after Trump’s announcement to find constructive solutions: "Conversations, as you might imagine, have begun among industry participants, among the homebuilders, and those that are, that are representative or stewards of capital..."

5. Investment Shifts if the Ban Proceeds

• [08:41] Shur clarifies that existing portfolios and other real estate sectors would not be directly affected—only future institutional buying.
  • Points out that Pretium is diversified: "We have a mortgage business, we have a multifamily business..." and that institutional capital could find other avenues.
  • He remains skeptical about an outright ban, seeing more potential for a constructive, comprehensive housing bill.

6. Countering Criticisms of Institutional Homebuying

• [10:08] Host mentions critics like Senator Elizabeth Warren and Bill Pulte, who advocate for limits on corporate ownership of homes.
• Shur’s response:
  • Asserts that institutional investment de-risks homebuilding by guaranteeing rentals for a portion, enabling the rest of new homes to be sold to individuals.
  • Argues that the narrative of institutional buyers crowding individuals out is outdated: "The notion that we are now, perhaps, as in the past, somehow boxing out individuals from owning a home, I just think is... no longer right. It’s no longer a contemporary observation."

7. Potential Consequences of a Total Ban

• [11:58] Host asks Shur to contemplate a worst-case scenario—a full ban on institutional buying.
  • Shur warns this would "only serve to worsen the problem, not make it better... if private capital is pulled away, this would have negative, not positive effect on the ultimate solution to create an affordable stock of housing" (Stephen Shur, 11:58).
  • Emphasizes the size and stability of the rental sector ("One third of households are rentals and that hasn’t changed for a long time"), and the crucial role of private capital in sustaining supply.

Notable Quotes & Memorable Moments

• On Trump’s Announcement:

  • “We did not expect nor anticipate that that would be kind of an initiative that the President was going to take up specifically as it relates to single family homes.”
    ↳ Stephen Shur, 02:56

• On Private Solutions:

  • “Imagine mortgages in the 1 or 2% category where both banks and the GSEs could play a role...”
    ↳ Stephen Shur, 04:12

• On Criticism of Institutional Investors:

  • “The notion that we are now, perhaps, as in the past, somehow boxing out individuals from owning a home, I just think is... no longer right.”
    ↳ Stephen Shur, 10:08

• On Impact of a Ban:

  • “If private capital is pulled away, this would have negative, not positive effect on the ultimate solution to create an affordable stock of housing...”
    ↳ Stephen Shur, 11:58

Important Segment Timestamps

• 02:56: The Trump “ban” announcement and initial reaction from Pretium
• 04:12: Discussion on rent-to-own models and private capital’s potential for affordability
• 06:14: The need for multi-stakeholder cooperation and referencing Opportunity Zones
• 07:46: Behind-the-scenes industry conversations in response to the policy threat
• 08:41: Diversification of investment and doubts about a full ban
• 10:08: Responding to high-profile critics and shifting the narrative
• 11:58: Outlining the worst-case scenario for the housing market

Conclusion

This episode provides an insider’s look at the intersection of politics, business, and the ongoing U.S. housing affordability crisis. While surprised by Trump’s stance on banning institutional buyers, Stephen Shur and Bloomberg’s team highlight the complexities behind real estate investment, the evolving dynamics of the rental market, and possibilities for public-private partnership as a way forward. Shur’s defense of private capital hinges on its role in stabilizing supply, supporting affordable housing innovation, and enabling large development projects—arguing that excluding such capital would hurt, rather than help, American renters and buyers.