Key Background
Trump called for restrictions on institutional investors owning homes in January, but passing a bipartisan bill to address the cost of housing proved much harder for Congress. The Senate passed a different version of this bill back in March, and the House approved yet another in May. However, lawmakers who negotiated the deal appear more optimistic about this version’s chances to become law. Sen. Elizabeth Warren, D-Mass., called it the “biggest bipartisan housing bill in 30 years,” insisting the bill would “boost housing supply, bring down cost, and for the first time ever stop private equity from buying up single family homes.” Sen. Tim Scott, R-S.C., the chair of the Senate Banking Committee and one of the Republicans who negotiated the bill, credited Trump for pushing to bar institutional investors from buying single-family homes when speaking on Monday. All five “no” votes were from Republicans: Sen. Rick Scott, R-Fla., Sen. Ron Johnson, R-Wis., Sen. Tommy Tuberville, R-Ala., Sen. Rand Paul, R-Ky., and Sen. Mike Lee, R-Utah.
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Further Reading
ForbesTrump Says He’ll Ban Large Institutional Investors From Buying HomesBy Sara Dorn