What Does Biden's Stance on Private Prisons Mean for Prison REITs?

President Biden ran for office with some pretty lofty promises in regards to prison and judicial reform, including closing all private prisons. After winning the presidential election in November, 2020 prison real estate investment trusts' (REITs) share prices have tumbled and are yet to recover, leaving investors to wonder what the future of prison REITs will look like under the new administration. President Biden does have the power to move over 14,000 prisoners currently held in private prisons nationwide, but he can't shut them down completely.