WASHINGTON D.C. - The U.S. Senate has passed the ROAD to Housing Act, a landmark bill that includes a major provision aimed at limiting the number of single-family homes private equity firms can buy.
What we know:
The bill, which included the provision by Georgia Senator Raphael Reverend Warnock, passed with overwhelming bipartisan support in a final 89-10 vote.
Under this new measure, any private equity firm that already owns more than 350 homes would be barred from purchasing additional properties. Corporations that violate this ban would face hefty fines. While the legislation doesn't aim to eliminate rentals entirely, it seeks to ensure the market remains accessible to individual buyers. Supporters of the plan, including a person identified as Rylander, note that while rentals have a place in the housing ecosystem, balance is key to protecting families' opportunities to build wealth.
What they're saying:
"Today is a win for homebuyers in Georgia and across the country," Sen. Warnock said. "I’m thrilled that a provision that I negotiated to stop private equity and large corporations from mass purchasing single-family homes is on its way to becoming law. Let me make it plain: private equity’s greed is squeezing first-time homebuyers out of the market and pushing the American Dream further out of reach. I thought Congress ought to get something done; that’s why I’ve worked tirelessly for months to get this over the finish line."
What's next:
The bill now moves to the House of Representatives for consideration.
The Source: Information in this article came from Sen. Warnock's office.