Source: Fortune
Summary
The 21st Century Road to Housing Act became law without President Donald Trump’s signature, after he initially supported the bill but later soured on it. The law aims to curb large institutional investors’ ownership of single-family homes and encourage localities to remove barriers to construction. Trump’s withdrawal from the planned signing ceremony set the stage for an unusual waiting game in Washington, and the bill became law without his signature after the 10-day period expired. The law’s champions hail it as a game-changer, but industry experts expect the immediate impact to be muted.
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The strategy enters a familiar phase.
Trump’s scuttled support and the dead-of-night enactment are setbacks for his allies on Capitol Hill. The president’s turnabout serves as a reminder of how quickly he can swerve on policy matters. The law’s impact will be muted, as expanding the supply of homes takes time. The contentious investor ban will bar institutional investors with more than 350 homes from purchasing additional single-family properties. Trump’s relationship with the GOP-led Senate has frayed in recent weeks.
The president’s refusal to sign the bill is a reminder that even the most consequential legislation can become a pawn in a larger game of political chess.
