President Trump is wading into a months-long congressional dispute over legislation to expand access to housing, asking House lawmakers to clear a Senate-passed bill that they have been working to change.
Key to Mr. Trump’s support is a provision the Senate included in its package to codify his executive order banning large Wall Street investment firms from buying up housing supply and taking away opportunities for individual homeownership.
The ban in the bill applies to companies with investment control of 350 or more single-family homes.
“I am asking Congress to pass that Bill, the 21st Century ROAD to Housing Act, which would ensure that homes are for people, not Corporations,” Mr. Trump posted on Truth Social Monday evening.
The president cited his February State of the Union address in which he shared the story of Rachel Wiggins, a mom of two from Houston, who placed bids on 20 homes and lost them all to investment firms that were willing to pay cash and bypass inspections.
The firms “turned those houses into rentals, stealing away her American Dream,” he said. “She was devastated!”
Mr. Trump said stories like Ms. Wiggins’ is why he signed the executive order to stop large investment firms from buying up single-family homes and that he needs Congress to enact the ban permanently.
“Senators Bernie Moreno and Tim Scott have worked to ensure my call becomes a reality, and have a Bill which has passed the Senate with nearly 90 votes,” he said.
Mr. Scott, South Carolina Republican, is chair of the Senate Banking Committee that crafted the housing package, and Mr. Moreno is a member of the panel that led negotiations on the investor ban.
The Senate passed the package in March, 89-10.
The measure is designed to boost supply and lower the costs of housing. It combines several bipartisan bills that would streamline regulatory requirements to make it easier to build new housing, expand home financing options and modernize existing housing programs.
The 21st Century ROAD to Housing Act is the Senate’s second iteration of the legislation, which added some proposals from a House-passed housing package in hopes of easing its chances of reaching Mr. Trump’s desk.
Leaders of the House Financial Services Committee with jurisdiction over the bill have not been satisfied with the Senate-passed version and have been working on additional changes.
For example, they want to scrap a Senate provision that would force any company with more than 350 single-family rental units to sell within seven years.
The provision is opposed by the National Association of Homebuilders and other trade associations, who argue it would lead to a decrease in new construction — the opposite of the bill’s intention.
House lawmakers also wanted to add provisions from their bill to provide regulatory relief to community banks so they can expand home lending opportunities.
