>The U.S. Senate passed milestone housing legislation in March by the landslide vote of 89 to 10. The bill includes dozens of different proposals to make it faster and easier to build homes, such as streamlining environmental reviews and cutting regulations for factory-built homes.
>But one of the bill’s provisions stopped home builders in their tracks. It would force developers to sell, within seven years of completion, newly constructed homes that they built solely for the purpose of renting.
>Developers say that investors won’t put money into new rentals that they can own for only a few years before having to sell them off. Even though the bill isn’t yet law, investors and lenders are scurrying away from simply the threat of this legislation.
>Already, at least $3.4 billion of investment for these so-called build-to-rent projects is frozen in place, according to an early survey of 14 build-to-rent firms by Inclusive Abundance and Up for Growth, both housing-policy lobby groups.
>That translates to about 10,000 units of housing. And it is likely just a sliver of the impact across the entire build-to-rent industry, which roughly includes more than 1,700 firms, according to John Burns Research & Consulting.
if you’ve been following this saga on twitter, you’d already know who’s behind this nonsense
>Republican Sen. Tim Scott of South Carolina and **Democratic Sen. Elizabeth Warren of Massachusetts**, co-authors of the bill, declined to comment on the industry’s pushback.
No-Section-1092 on
Of course it’s the most ‘popular’ provision too, because literally everything the average normie believes about how the housing market works is completely wrong.
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>The U.S. Senate passed milestone housing legislation in March by the landslide vote of 89 to 10. The bill includes dozens of different proposals to make it faster and easier to build homes, such as streamlining environmental reviews and cutting regulations for factory-built homes.
>But one of the bill’s provisions stopped home builders in their tracks. It would force developers to sell, within seven years of completion, newly constructed homes that they built solely for the purpose of renting.
>Developers say that investors won’t put money into new rentals that they can own for only a few years before having to sell them off. Even though the bill isn’t yet law, investors and lenders are scurrying away from simply the threat of this legislation.
>Already, at least $3.4 billion of investment for these so-called build-to-rent projects is frozen in place, according to an early survey of 14 build-to-rent firms by Inclusive Abundance and Up for Growth, both housing-policy lobby groups.
>That translates to about 10,000 units of housing. And it is likely just a sliver of the impact across the entire build-to-rent industry, which roughly includes more than 1,700 firms, according to John Burns Research & Consulting.
if you’ve been following this saga on twitter, you’d already know who’s behind this nonsense
>Republican Sen. Tim Scott of South Carolina and **Democratic Sen. Elizabeth Warren of Massachusetts**, co-authors of the bill, declined to comment on the industry’s pushback.
Of course it’s the most ‘popular’ provision too, because literally everything the average normie believes about how the housing market works is completely wrong.
Gotta rush to get my passport apparently.