The bipartisan legislation was crafted in both chambers and must now pass the House. It seeks to build more homes and prevent large investors from out-bidding families.
The Senate voted overwhelmingly on Monday to pass a sweeping housing affordability bill aimed at lowering costs, putting Congress on the brink of a rare bipartisan victory in Donald Trump’s second term.
The vote was 85-5.
The legislation, which makes it easier to build homes and slaps limits on Wall Street investors from buying up houses, now goes to the House, which hopes to vote on it in the next few days. Then, it would go to Trump’s desk to be signed into law.
Last I heard the limit on ownership was 100 units, but it may not have been very aggressive at avoiding companies from splitting off into 1000 LLCs or other such nonsense.
That’s what I’m guessing, that each LLC is only allowed a certain number of units, or there’s a limit on the number of different types of units which will only lead them to re-name each type of unit to something else. It’s no longer “single family homes” but “one unit housing with land”. Or it limits the amount of “affordable housing” they can buy, but then they just change what’s affordable, or only build luxury houses - like everyone wants affordable, economical cars these days, but all you can buy are expensive, gas-guzzling SUVs.
This does not appear in the HR bill. Corporations are not allowed to purchase any new single family residences (which can have up to 2 units) at all. They’re not forced to sell what they currently own, but can’t buy up more.
so i’m going to admit i have shit understanding of the residential real estate market. kind of like congress, because how many congresspeople worked in residential real estate. so i picture they went and said “hey, let’s keep duplexes as SFRs” (i don’t know why, probably because they think they have more in common with SFRs that are one unit and less with condos, which kind of makes sense to me.) someone who can afford to go into the bank and ask for a loan with a straight face is probably a better bet to explain the residential real estate market though.
edit: shit, posted and forgot to take all the [oh my gods the government is insane you have to go insane to understand the government] ranting out. edited.
I think a bunch of homes have what’s often called a Mother-In-Law suite. Effectively a separated section or the house, or sometimes even a separate building in the same land parcel, where an older relative, or grown up child might live, but with a touch more privacy. Nothing to stop those being rented out, either.
So this would prevent those getting bought up. I believe you can get up to a 4 unit with certain types of government backed home loans.
yeah, those MiL suites are called ADUs (i think Accessory Dwelling Unit, essentially an Accessory Unit that is also a Dwelling. I’m making up the name for the acronym but i’m sure i’ve got it) when they’re not attached. Laws have gotten a lot less stringent about building those. i’m going to go dream of tiny homes for a bit now.
i used to live in utah and those MiL suites were called “we finished our basement”
How does it affect multi-family housing (e.g. apartment buildings)? And is this considered a problem, or is it only buying SFH that is the issue?
Doesn’t. This only refers to 1-2 unit structures.
How convenient.
Not sure why you expected apartments to be covered by a bill addressing home ownership.
hey, so it might help to take a dive into residential zoning law. figure out what you need to do to legally build an ADU without a permit in your locale and you should have figured out enough