U.S. Senate Passes Major Housing Bill to Curb Institutional Home Buying

The U.S. Senate overwhelmingly passed the "21st Century ROAD to Housing Act" on June 24, 2026, with an 85-5 vote. The bipartisan bill, already approved by the House, now heads to President Trump for signature. This legislation, the largest housing reform in over 30 years, aims to address the nation's housing affordability crisis by limiting large institutional investors from acquiring additional single-family homes. The bill prohibits institutional investors owning over 350 single-family residences from making new purchases, targeting firms like Blackstone and KKR that have significantly expanded residential portfolios. This move comes as median U.S. home prices surged over 230% since 1990 to more than $500,000, and the median age for first-time homebuyers reached a record 40. The act also seeks to boost supply by simplifying development approvals, reauthorizing the HOME Investment Partnerships Program, expanding Community Development Block Grants, and facilitating access to small mortgages. While an earlier draft requiring divestment was removed, "Build-to-Rent" projects are exempt to ensure rental market supply.