"Republicans and Democrats in the House voted Wednesday to pass a bill to address the nation's housing affordability crisis. It encourages homebuilding across the country and would ban corporate landlords from buying up more than 350 houses. The bill passed 396 to 13, and is an amended version of one passed by the Senate two months earlier. The two chambers still have to agree on a single version before they can send it to the president for his signature."
"A shortage of homes has driven up prices to an average of $400,000, well outside the range of what many Americans can afford. Just getting more homes into the market faster would help ease the shortage, with Realtor.com estimating there's a 4 million unit gap between available housing and the demand. If passed, this would be the largest piece of housing legislation in decades."
"The House's version of the bill says any group that owns more than 350 houses would not be allowed to buy more single-family homes. These corporate landlords have become a sort of bipartisan boogeyman, with legislators expressing concern that they are buying up homes to rent, outbidding American families who can't compete with well-financed investors who can pay all cash."
"Research shows that what this does to home prices is mixed: In some cases it can raise the selling price of homes, but it can also lower the cost to rent by increasing the available supply. Nationally, these investors make up only about 3% of the single-family rental market, though their share is much higher in the Sun Belt and some specific cities like Indianapolis and Seattle."
House members voted to pass a bill aimed at the housing affordability crisis by encouraging homebuilding nationwide and restricting corporate landlords from acquiring more than 350 houses. The measure passed 396 to 13 and is an amended version of a Senate bill passed two months earlier. The House and Senate must still agree on a single version before sending it to the president for signature. Housing shortages have pushed average home prices to about $400,000, far beyond many Americans’ budgets. Realtor.com estimates a 4 million unit gap between available housing and demand. If enacted, the bill would be the largest housing legislation in decades and would bar corporate investors from buying new rental homes.
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