Brian Schatz of Hawaii was the lone Democrat to vote against the 21st Century ROAD to Housing Act, which would create incentives to build new homes, launch a program to turn abandoned buildings into housing, and ban Wall Street from purchasing single-family homes, among other long overdue reforms.
“It was written in such a way that it was trying to capture the hedge fund problem, but they wrote it wrong,” Schatz said, citing a provision in the bill that requires large institutional investors to sell their rental properties to families after seven years. He claimed that the legislation defines such investors as for-profit organizations that own over 350 single-family homes, not just hedge funds.
“Private equity can build as many multi-family homes as they want, as many apartment buildings as they want, and as many single-family buildings as they want,” the Massachusetts senator told HuffPost. “They can suck up all of the tax benefits that they’re currently entitled to, with the one exception that after seven years of benefits, private equity has to take those single-family homes and make them available for families to buy.”
Evidently Schatz’s concerns were enough to get him to vote against the bill, which now heads to the House with its narrow Republican majority. The fact that so many Republicans supported it in the Senate is a good sign, but it still faces an uncertain future in the House and with President Trump, who reportedly told Speaker Mike Johnson that “no one gives a [bleep] about housing” earlier this week. But either way, Schatz appears to be in a very small minority allied with Wall Street, one even Treasury Secretary Scott Bessent isn’t a part of.
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