House passes bill to lower housing costs, sending it to Trump's desk(www.nbcnews.com)
4 pointsby toomuchtodo5 hours ago1 comment
  • toomuchtodo5 hours ago
    https://www.banking.senate.gov/imo/media/doc/bill_text_of_th...

    > The legislation would approve a series of funding and grant programs for constructing new homes. It would slash red tape and empower local governments to expedite reviews to build more housing. And a key section titled “Homes Are For People, Not Corporations” would restrict any “large institutional investor” from buying single-family homes.

    Page 360 is where the institutional investor restriction starts.

    • jleyank5 hours ago
      The Airbnb lobby won’t like this, but if the purpose of houses is housing rather than vacations that’s ok. But then there’s also cottages and other dwellings that are owned by individuals as a non primary residence.
      • toomuchtodo5 hours ago
        You have the draw a line in the sand somewhere considering the substantial challenges bringing new housing supply online faces. Roughly 90% of investor owned single family homes are mom and pop owned, but this anchors and is a start. Institutional and private equity investors investing in single family homes are an easy shared enemy in this context. This wouldn’t have passed if you went after small investors at this time.

        https://nationalmortgageprofessional.com/news/small-investor...

        The way to approach disincentivizing short term rentals investments in supply constrained real estate markets is to ban short term rentals unless you’re a bonafide hotel, impairing the property value for investment, but you do that one locale at a time through land use regulations.