UPDATE: Treasury Secretary Scott Bessent is facing intense backlash following his controversial remarks at the 2026 World Economic Forum, where he suggested that average middle-class investors own as many as a dozen homes. During a discussion with Fox Business host Maria Bartiromo on Tuesday, Bessent expressed support for former President Donald Trump‘s proposal to restrict large institutional investors from purchasing single-family homes, but his comments quickly became the focal point of ridicule.
Bessent stated, “We are going to give guidance at some point to see what a mom and pop is,” implying that typical families could afford to buy “five, 10, 12 homes” as part of their retirement strategy. His remarks stirred outrage, with critics arguing that they are disconnected from the financial realities most Americans face today.
Senator Ruben Gallego (D-AZ) highlighted the absurdity of Bessent’s statement, quipping, “Just your everyday soybean farmer, Scott Bessent explaining that mom and pop save for retirement by buying 12 homes.” The sentiment was echoed across social media platforms, with users incredulously questioning who among their peers owns that many properties.
Comments ranged from disbelief to outright anger, with one user on Bluesky stating, “This cabinet is filled with billionaires who are incapable of understanding the working poor and middle class.” Another social media user, writer Chantal James, asked, “WHOSE parents have 5-12 homes?” underscoring the disconnect between Bessent’s comments and the experiences of average Americans.
The fallout from Bessent’s remarks highlights a growing concern that government officials are increasingly out of touch with the economic struggles facing many households today. As the housing market continues to grapple with affordability issues, Bessent’s comments may exacerbate the public’s frustration with policymakers who seem unaware of the realities of home ownership.
As this story develops, observers will be closely watching for any response from the Treasury Department and whether Bessent will clarify or retract his statements. The implications of his comments could influence ongoing discussions about housing policy and the role of institutional investors in the real estate market.
Stay tuned for further updates on this developing story as the situation unfolds.
