The Senate is set to pass a bipartisan housing bill on Monday that aims to bring down prices and increase supply in one of the most sweeping efforts in recent decades to reduce federal regulations and increase local control.
The bill has been the focus of intense House-Senate negotiations in recent weeks as lawmakers in both parties try to address housing costs in an election year. The final version of the legislation bans corporate investors from buying single family homes but doesn’t include a Senate provision that would have required investors to sell newly constructed homes within seven years.
The measure was the result of years of work to “lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership," said Senate Banking Committee Chairman Tim Scott, R-S.C., who worked with Democrats to get the bill passed.
