President Donald Trump is set to notch a win on housing as Congress moves forward with his proposal to shut institutional investors out of housing despite the sustained skepticism of some free-market Republicans.
The White House threw its weight Monday behind a new proposal from Senate Banking Chair Tim Scott, R-S.C., and the panel’s top Democrat, Elizabeth Warren, D-Mass., that combines their housing package with some elements of the House’s — plus language that would fine certain firms that own 350 or more single-family homes if they buy more two years after enactment. Though the firms could build new homes, they’d have to sell them to individuals within seven years.
Republicans like Sen. John Kennedy, R-La., who previously raised concerns about distorting the market, said they needed more time to review the legislation before weighing in. “But I’m not going to give them a blank check,” Kennedy said.