Topline
The Senate overwhelmingly passed a bipartisan housing bill on Monday evening, which includes restrictions on institutional investors who already own at least 350 homes from buying any new ones—attempting to follow through on a promise President Donald Trump made earlier this year.
Senate Banking Committee Chairman Tim Scott, R-S.C., left, and Sen. Elizabeth Warren, D-Mass., were two of the senators pushing for the legislation.
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Key Facts
It would also bar “large institutional investors” that own more than 350 units of housing from purchasing any more—although it carves out an exception for “build-to-rent” projects.
The bill passed the Senate 85-5.
The bill still needs to be approved by the House before it heads to the president’s desk for signing, but Politico reported the House will try to fast track that process by beginning consideration on Tuesday.
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.