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Expert: Federal bill could stall Arizona's build-to-rent industry
The 21st Century ROAD to Housing Act aims to curb institutional buying of single-family homes to improve housing affordability, with bipartisan support in Congress.
- Earlier this year, Congress advanced the 21st Century ROAD to Housing Act to curb institutional purchases of single-family homes, backed by bipartisan sponsors U.S. Sen. Tim Scott, R-S.C., and U.S. Sen. Elizabeth Warren, D-Massachusetts.
- The bill requires institutional investors owning more than 350 units to sell excess homes within seven years of construction, with tenants given first chance to buy them.
- Phoenix emerges as especially vulnerable, with about 30,000 build-to-rent units and thousands more poised for market entry; Arizona saw a 309% increase in such homes from 2019 to 2024 according to Point2Homes research.
- Because the Senate and House approved different versions, the measure must return to the House for further consideration. Adam Baugh, partner at Withey Morris Baugh PLC, warned the sell-off requirement would create a "mass eviction of an entire project."
- Supporters contend "The conservative bill leverages private capital and existing federal programs to address housing affordability instead of expanding federal subsidies," said U.S. Rep. Abe Hamadeh, R-Peoria, Ariz. Critics counter the measure grew "kind of clumsy" as lawmakers added provisions appealing to public sentiment over technical realities.
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Build-to-rent provision in bipartisan housing bill faces pushback
A group of housing experts and researchers is pressing Congress to change a provision in bipartisan housing legislation that they argue will decrease the housing stock. In an open letter released on Tuesday, the group, which includes a number of prominent housing economists, took issue with a part of the bill that would require investors in build-to-rent homes to sell those houses within seven years. That provision is part of a section of the bi…
·Washington, United States
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Coverage Details
Total News Sources23
Leaning Left3Leaning Right6Center4Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 23%
C 31%
R 46%
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