Legislative update: institutional SFR
On May 20, the House of Representatives passed an amended version of the 21st Century ROAD to Housing Act by a vote of 396 to 13, and the White House issued a statement backing the bill and urging the Senate to act. Because the House amended the bill, it now returns to the Senate, which must pass the revised version before it can become law. We are encouraged by the direction it has taken, particularly for operators who acquire and restore distressed properties.
Restricted
Who the bill limits- Large institutional buyers
- Owners of 350 or more single-family homes
- Buying single-family homes to hold
Protected
What the bill encourages- Restoring distressed homes
- Adding housing supply
- Existing portfolios protected
While nothing has been finalized, both chambers have now passed housing legislation with broad bipartisan support, and the remaining step is for the two versions to be reconciled. Any new restrictions would also carry an implementation window that would not take effect immediately. We view these developments as constructive and believe we remain well positioned regardless of how the final bill takes shape. As always, we will continue to monitor closely and share updates as material information becomes available.
