The people could get together and make laws to protect themselves, and there's some whispering of this with recent attempts to form unions and so on, but against the political might of the rich, the people don't look to have much of a chance.
I worry we might see the opposite. Someone will be convinced the "solution" to the housing crisis is to just remove citizen ownership of housing to begin with.
That is literally "corporations buying residential housing."
It may be different than the ones in this story, but that's where the challenge in the law will be - how do you forbid/discourage one type of corporate ownership vs another type?
As soon as you have groups pooling money to snatch up land to rent, you sort of destroy one of the big draws of the American dream, because in the end, the market will adjust to the whims of the conglomerates instead of the lone citizen.
This is exactly the outcome he was trying to avoid.