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Opendoor Technology, Inc. CEO Kaz Nejatian lauded U.S. President Donald Trump's move to bar institutional investors from accumulating single-family homes in an effort to make housing more affordable for consumers. The company’s stock dipped amid a broader selloff on Tuesday but is still up nearly 8% for the year.

Trump's Housing Order

"To preserve the supply of single-family homes for American families and increase the paths to homeownership, it is the policy of my Administration that large institutional investors should not buy single-family homes that could otherwise be purchased by families," Trump said on Tuesday. 

He signed an executive order directing state agencies to promote home sales to individual buyers, restrict federal programs from facilitating the sale of single-family homes to Wall Street investors, and review acquisitions by large investors. 

OPEN Piggy Bags

“When people think of the American dream, they think of affordability and homeownership. President Trump’s action today is a massive step in the right direction on both of those fronts,” Nejatian said in an X post. “I support them unequivocally.”

Marketing his company strategically, Nejatian added that OPEN is the number one stock by trading volume since last year and among the most broadly held in America. That’s amid broadly weak performance for the stock over the last few months, notwithstanding a 6% jump on Friday after SRx Health Solutions purchased a block of OPEN stock.

Housing Stocks In Focus

OPEN shares as well as those of homebuilders such as Lennar Corp, D.R. Horton, and PulteGroup, Inc., received support in the past weeks, as the U.S. mortgage rates fell below 6% for the first time in years amid Trump’s directive for Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds.

Trump's latest executive order is widely viewed as an effort to appease voters frustrated by rising home prices and broad-based cost pressures as the U.S. heads into the November midterm elections. It aligns Trump closely with Democrats, who for years have criticized corporate homebuying, claiming it has helped stoke housing costs.

Besides the home-builders, stocks of Blackstone Inc., Invitation Homes Inc., and American Homes 4 Rent – firms with sizable holdings of single-family homes – will be in focus on Wednesday.