Business
Evicting Wall Street From the Housing Market Will Be Messy
A new law aims to make Wall Street investors feel unwelcome in the market for existing homes, while at the same time urging them to build more supply. It is a tricky balancing act, and failure would push up rents.
Under the 21st Century ROAD to Housing Act, which passed into law last week despite President Trump’s refusal to sign it, investors who already own more than 350 family homes can’t buy any more from the existing housing stock. There are a couple of exceptions, however. One is to buy homes that need so much renovation that regular buyers don’t want them. Another is when the tenant is offered a right to eventually own the house.
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