Senate Passes Bill Restricting Large Institutional Investors From Buying Single-Family Homes

President Trump wrote on Truth Social on Monday that the American Dream of Homeownership is under attack. He referenced his State of the Union Address on February 25th in which he stated the American Dream of Homeownership is under attack.

U.S. And is now urging Congress to permanently ban these purchases. "Senators Bernie Moreno and Tim Scott have worked to ensure my call becomes a reality, and have a Bill which has passed the Senate with nearly 90 votes. I am asking Congress to pass that Bill, the 21st Century ROAD to Housing Act, which would ensure that homes are for people, not Corporations," Trump wrote.

The 21st Century ROAD to Housing Act passed the Senate with bipartisan support in March. It is the largest piece of legislation in 30 years that seeks to make housing more affordable for Americans. The bill comprises more than 40 provisions aimed at improving affordability by making homebuilding faster and cheaper.

It proposes removal of regulatory barriers and streamlining of environmental reviews to speed up affordable housing development and construction approval processes. The legislation includes restrictions on large institutional investors from buying single-family homes.

Specifically, the 21st Century ROAD to Housing Act would prevent investors who own 350 or more single-family rental homes from purchasing additional properties.

It requires investors to sell newly built units to individual owners after seven years or face hefty fines. The Senate's housing package is now in the House awaiting a vote but has been stalled as members look with skepticism at proposals to curb large institutional investors. Institutional investors are defined as entities owning more than 1,000 properties or more than 350 in recent legislation.