The U.S. Senate took a major step toward reshaping the housing market, with lawmakers voting to advance a bipartisan housing package that includes new restrictions on large institutional investors and private equity-backed firms purchasing single-family homes.
The legislation, known as the 21st Century ROAD to Housing Act, has emerged as one of the most significant housing affordability measures considered by Congress in decades. Supporters argue the bill would help level the playing field for first-time homebuyers who have increasingly found themselves competing against well-funded Wall Street firms in an already strained housing market.
