The Senate overwhelmingly passed a bipartisan housing bill on Monday evening, which includes restrictions on institutional investors who already own at least 350 homes from buying any new ones—attempting to follow through on a promise President Donald Trump made earlier this year.
Senate Banking Committee Chairman Tim Scott, R-S.C., left, and Sen. Elizabeth Warren, D-Mass., were two of the senators pushing for the legislation.
The housing bill, which was given the name “21st Century ROAD to Housing Act,” included numerous housing-related reforms intended to make building new homes easier.
It would also bar “large institutional investors” that own more than 350 units of housing from purchasing any more—although it carves out an exception for “build-to-rent” projects.
The bill passed the Senate 85-5.
