President Trump and California Gov. Gavin Newsom are both pitching plans to restrict corporations from buying single-family homes. 

Mr. Trump announced his plan via a Truth Social post, reading, "I am immediately taking steps to ban large institutional investors from buying more single-family homes."

Newsom made the announcement at his State of the State speech.

"These investors are crushing the dream of home ownership, forcing rents too damn high," Newsom said. "I just humbly submit, I think it's shameful that we allow private equity firms in Manhattan to become some of the biggest landlords here."

California Assemblymember Alex Lee (D-Milpitas) has been pushing to restrict Wall Street companies from buying more single-family homes in California for years.

"Having the president and the governor certainly elevates it," Lee said. "And if you're an American family out there or a California family out there, trying to buy a house right now, there's chances you compete with a corporation."

New mapping published by the California Research Bureau shows there are more than 79,000 single-family homes owned by owners with more than 100 properties, with the private company Invitation Homes owning more than 11,000 homes in the state.

Real estate appraiser Ryan Lundquist has been charting the institutional investing in Sacramento and says stopping Wall Street sales now won't suddenly solve affordability problems. 

"When you look nationally and in the state, it's about one percent of units that large investors own," Lundquist said. "And I find that institutional investors, it's like rage bait for consumers."

Mr. Trump said he will be working with Congress and Newsom said he will be working with state lawmakers in the next few weeks.

He has been in touch with Lee on what the next steps will be in California.