The "HOPE for Homeownership Act" aims to tackle the issue of hedge funds owning an excessive number of single-family homes, promoting homeownership and making housing more accessible for individuals and families. The legislation encourages hedge funds to sell surplus properties by imposing an excise tax on those that fail to do so. Specifically, hedge funds will incur a tax when acquiring new single-family homes, calculated as either 15 percent of the purchase price or a flat fee of 0,000, whichever is higher.