world-economy

House passes bipartisan housing bill to boost construction, restrict corporate buyers

The House passed housing legislation Wednesday with overwhelming bipartisan support, moving to address the nation's housing affordability crisis. The measure passed 396-13 and would prohibit corporate investors owning more than 350 single-family homes from purchasing additional rental properties. The bill aims to accelerate homebuilding nationwide while tackling a critical shortage estimated at 4 million units. Average home prices have climbed to $400,000, pricing out many American buyers. The House version differs from legislation the Senate approved two months earlier, requiring reconciliation between chambers before presidential consideration. Both parties view the legislation as critical messaging ahead of midterm elections. Corporate landlords, representing roughly 3% of the single-family rental market nationally, have drawn bipartisan criticism for outbidding individual homebuyers. The package would represent the most significant housing legislation in decades.