Housing Act Passes in Congress

House clears landmark housing bill banning institutional investors from single-family homes

Trump set to sign at Capitol

The House of Representatives passed the 21st Century ROAD to Housing Act on Tuesday by a vote of 358, 32, sending to President Trump's desk the most significant housing legislation in years, one that bars institutional investors from snapping up single-family homes and aims to ease a nationwide affordability crisis that has squeezed working families for half a decade.

Trump is expected to sign the bill into law during a visit to the Capitol Building on Wednesday. The Senate cleared the same measure a day earlier, 85, 5, in a rare show of bipartisan agreement that drew support from both Senate Banking Committee Chairman Tim Scott (R-SC) and the panel's top Democrat, Sen. Elizabeth Warren (D-Mass.).

The final tally, 358 votes in the House, 85 in the Senate, makes this one of the most lopsided legislative victories of the current Congress. And the core provision is one that ordinary Americans have demanded for years: stopping Wall Street-backed firms from outbidding families for starter homes in neighborhoods across the country.

Read more...