U.S. House Approves Housing Bill Limiting Investor Home Purchases

The U.S. House is expected to approve a bipartisan housing affordability bill that limits major investors from purchasing single-family homes, while allowing them to build additional units. The bill gained support from the White House after modifications made it more favorable to various industries. Investors defined as owning 350 or more units will no longer have to sell excess units within seven years. The Senate will need 60 votes to pass the revamped bill, which has faced disputes over specific provisions aimed at investor participation in the housing market.