A new report has determined that the only 10 senators who voted against the bipartisan housing bill restricting the presence of large institutional investors in the single-family housing market are the recipients of generous 2024 election-cycle donations from the corporations opposed to that bill.
According to a report from The Center Square that analyzed data via the political donation tracker OpenSecrets, the campaign funding in question was made by private equity firms, large institutional investors that acquire single-family homes, organizations that develop build-to-rent communities, and companies that secure financing for those organizations. Some donations also came from rental housing advocates who opposed the housing bill because it required the investors to sell their build-to-rent home within seven years.
In keeping with campaign financing rules, donations are made by political action committees and the organizations’ employees, not the organizations themselves.
The report determined the following senators were on the receiving end of these donations:
- Thom Tillis (R-NC) received at least $468,916, with top donors including Blackstone Group, Capital Group Companies, Koch Inc., and Rock Holdings
- Todd Young (R-IN) received at least $291,755 entities including Capital Group Companies, KKR &Co., and the National Association of Real Estate Investment Trusts (NAREIT)
- Mike Lee (R-UT) received at least $159,459 from organizations including Blackstone, KKR &Co., and Koch Inc.
- Ted Cruz (R-TX) received at least $145,752 from large institutional investors and other entities including Maury L Carter & Associates, KKR &Co., and Blackstone
- Rick Scott (R-FL) received at least $135,795 from organizations involved in the build-to-rent sector, including Koch Inc. and Blackstone
- Brian Schatz (D-HI) received at least $131,500 from organizations that oppose the bill due to its build-to-rent provisions, including Rock Holdings and the Mortgage Bankers Association
- Rand Paul (R-KY) received at least $89,028 from organizations that could be negatively impacted by the bill’s build-to-rent restrictions.
- Ted Budd (R-NC) received at least $83,525 from entities including Blackstone, Koch Inc., and the Mortgage Bankers Association
- Ron Johnson (R-WI) received at least $81,662 from institutional investors, including Rock Holdings and Koch Inc.
- Tommy Tuberville (R-AL) received at least $48,650 in contributions from real estate investment groups including Jim Wilson & Associates
When contacted by The Center Square, the senators either declined to comment or insisted their vote was not influenced by the campaign donations.
Not surprised that all but one of them have an “R” in front of their names. We need to take money out of politics ASAP.
You are 100% correct. The government no longer works for their constituents but are instead influenced by the money they can make from corporate donors. We have fallen so far as a nation – we have become unrecognizable
It makes sense for institutional investors to be out of the “existing” Single Family Market unless they’re “build-to-rent.”
If a person and/or any entity is going to “build-to-rent” homes and/or typically small and large apartment buildings the proposed rule that they have to Sell within seven years is ridiculous.
Why would they build if they cannot receive a return on their investment for as long as they want. It’s theirs. They built it. They’re helping build homes/dwellings for people and their families to occupy.
Everyone benefits.
It seems like there should be room for a compromise here.
It would be nice to see the list of senators that voted for the bill that also received donations from the companies that opposed it. That might give us some insight to the situaton.
There was a recent election that spent over 2 Billion and lost, we saw millions in donations from special interest groups. It would be nice to see WRE apply equal disclosure.