URGENT UPDATE: Treasury Secretary Scott Bessent is under fire after suggesting that typical middle-class “mom and pop” investors own as many as 12 homes each. His comments, made during a forum at the 2026 World Economic Forum on Tuesday, have sparked widespread ridicule and criticism.
In response to a question from Fox Business host Maria Bartiromo regarding former President Donald Trump‘s proposal to ban large institutional investors from purchasing single-family homes, Bessent expressed his support for the idea but added that more clarity was needed on what defines a “mom and pop” investor. He stated, “We are going to give guidance at some point to see what a mom and pop is. Someone, maybe your parents for their retirement, have bought five, 10, 12 homes.”
Critics quickly pointed out the disconnect between Bessent’s comments and the reality faced by average Americans. Senator Ruben Gallego (D-AZ) responded, “Just your everyday soybean farmer, Scott Bessent explaining that mom and pop save for retirement by buying 12 homes. This man is so out of touch it hurts.”
The backlash continued as various commentators on social media questioned the validity of Bessent’s claims. NFL writer Aaron Schatz tweeted, “Whose parents have bought 12 homes?” while author Otto English quipped, “Even King Charles doesn’t have 12 homes.” Animator Craig Roblewsky added, “10 or 12 homes? This guy is just a true man of the people.”
Users on platforms like Bluesky echoed similar sentiments, with one user, Sloan Ashton, stating, “He’s completely out of touch with reality. Who among us hasn’t bought an extra dozen homes?” Another user highlighted the disparity, claiming, “This cabinet is filled with billionaires who are incapable of understanding the working poor and middle class.”
The Twitter account New York Times Pitchbot chimed in, stating, “Whether it’s John Kerry talking about provolone on his cheese steak or Scott Bessent talking about middle-class people owning 12 homes, leaders from both parties seem out of touch with the way that regular Americans live.”
Bessent’s comments have ignited a conversation around housing affordability and the challenges faced by average families in the current economic climate. With home prices surging and rental markets tightening, many are questioning how policymakers can genuinely understand and address the struggles of everyday Americans.
NEXT STEPS: As more voices join the conversation, it remains to be seen how the Treasury Secretary will respond to the backlash. Observers will be watching closely for any official clarifications from his office regarding the definition of “mom and pop” investors and potential guidance on housing market regulations.
This story highlights the urgent need for policymakers to engage with the realities of the housing market that affect millions of families across the nation. Stay tuned for further developments.
