Blackstone (BX) stock fell 5.6% on Wednesday after President Trump said in a Truth Social post that he will be “taking steps to ban institutional investors from buying more single-family homes.”

In his post, Trump said he would be calling on Congress to codify a ban on the practice, writing that “people live in homes, not corporations.”

“For a very long time, buying and owning a home was considered the pinnacle of the American Dream,” Trump said. “That American Dream is increasingly out of reach for far too many people, especially younger Americans.”

Blackstone, the asset management giant that manages more than $1 trillion, has spent the past few years building one of the largest rental housing portfolios in the country, buying hundreds of thousands of single-family homes and apartments.

Read more: 8 strategies for getting the lowest mortgage rates

Blackstone told CNBC in August that it owns “less than 1% of the housing available” in each market where the asset manager operates. The company often renovates and then relists properties.

Critics of the firm have accused Blackstone of buying up homes en masse in what is already a thinly stretched housing market, reducing availability and pushing prices higher.

Trump said in his post that he would discuss the topic further, along with other housing and affordability-related proposals, at his upcoming speech at the Davos conference near the end of January.

Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.

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