New housing law is a first step, but more action needed

WASHINGTON, D.C. — Today, the 21st Century ROAD to Housing Act will become law after President Trump declined to sign or veto the legislation. Included among its provisions is a restriction on corporate ownership of single-family homes, excluding build-to-rent properties.

Below is the statement of PESP Executive Director Jim Baker on the passage of the bill:  

“It is exciting to see lawmakers across the political spectrum act with such urgency to address our country’s ongoing housing crisis and the role that private equity and other corporate landlords are playing in it. The ROAD to Housing Act is an important first step to putting housing back in the hands of the people, not corporations. But this legislation cannot be the only step Congress takes to hold Wall Street landlords accountable.

“While the ROAD to Housing Act restricts corporate ownership of single-family homes, this legislation doesn’t address the many other forms of housing owned by private equity landlords. Private equity firms own 13% of all U.S. apartments and hundreds of thousands of manufactured housing sites across the country. Right now, tenants of private equity-owned rentals – whether single-family, multi-family, or manufactured housing – are experiencing exorbitant rent hikes, junk fees, neglected maintenance, and worse. Tenants sorely need legislation to meaningfully address the many harms caused by private equity landlords.

“This moment requires urgent action to rein in the worst abuses of private equity and other Wall Street landlords. We urge Congress to continue this momentum and enact more policies to ensure every American is able to live with dignity, safety, and security in their home.”

• View the Private Equity Multi-Family Housing Tracker here: pestakeholder.org/reports/private-equity-multi-family-housing-tracker
• View Private Equity Manufactured Housing Tracker here: pestakeholder.org/pesp-private-equity-manufactured-housing-tracker