The House of Representatives has tweaked the Senate-approved 21st Century ROAD to Housing Act by removing a provision requiring institutional investors who own build-to-rent (BTR) single-family housing to sell their properties within seven years of construction.
The Hill reports the provision was opposed by conservative representatives who insisted the provision created a government intrusion into the housing market. The revised bill now states that institutional investors do not need to sell or divest “any covered single-family home purchased before or after the date of enactment of this Act.”
The House version keeps the Senate’s larger ban on institutional investors from owning more than 350 single-family homes. The bill will now require passage by the House before returning to the Senate for its approval of the revision. It is not clear whether the Senate will accept the deletion of its BTR provision.
Build to Rent is opposite of buying a block of existing houses, they BUILT these houses for renters! Otherwise discouraging such investments in building is wrong!
How stupid to require the sale within 7 years or ever. I’ve been in the real estate business for 52 years. I don’t do this, but that type of intrusion is completely off base.
Would someone explain the bill to me.? Thank you
If they have to sell it going to slow down how many properties they own. It might be good for some market.
What happened to fair housing for all? If I want to sell my house I should be able to sell it to the highest bidder with the best terms, period! If the buyer is a company that wants to rent it, I don’t care. These restrictions will hurt sellers and increase mortgage defaults. They will also hurt renters who do not have the down payment or credit to buy.
Goodbye to the American dream of home ownership. How many institutional investors own 350 rentals whether BTR or other. Adds up to 1000s of homes. This is creating a housing shortage and driving up prices for those Americans that want to own a home. If this continues the comment, “you’ll own nothing and like it” will come to pass.