Congress just passed one of the most significant housing reforms in decades, but the fine print tells a more complicated story.
While the new law prevents large corporate landlords from purchasing additional existing single-family homes, it leaves a major exception intact: Companies can still build and own entire rental communities from the ground up.
And Blaze Media co-founder Glenn Beck is sounding the alarm.
“Two weeks ago, the biggest housing bill in decades became law,” he begins.
“Here’s what it does do,” he explains, “If you’re a company and you own more than 350 single-family homes, you are not allowed to buy up any more of America’s existing houses. Wall Street is now barred from bidding against your daughter on a starter home. That is really good news.”
However, there is an exception.
“If a company builds a neighborhood of houses designed as rentals from the foundation up, it can own every last one of them,” he says. “So American Homes for Rent now expects every dollar of its growth this year to come from new construction.”
And while the bill comes with good news, Glenn points out that the bad is enough to keep Americans down.
“Go to a home auction, and watch two bidders on the same house. A family and a company, the same house, same price. May the best offer win. Who’s going to win? The company is,” he explains.
“The company wins every time. Every single time. And the starter home disappears. And the people who are doing this, they’re not evil. All they’re doing is arithmetic,” he continues.
“Now, that’s not a moral failure of the buyer, it’s a design feature of the tax code,” he adds.
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