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.
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”