Mar. 12 at 3:28 PM
Rumour: Senate expected to pass the so-called 21st Century ROAD to Housing Act - bill that has the stated intention of alleviating US housing costs
Among other provisions, bill makes it easier to develop factory-built homes, reduces regulations, rewards cities that make building easier w/ federal funds & adds restrictions on institutional investors who buy/rent out single-family homes
Note:
$BX US single-family homes reps ~2% of their real estate AUM & 0.5% of the overall firm - a net seller of homes over the last decade—w/ holdings down more than 1/5th
$INVH CEO: Since Trump Admin first steps to push the ban “capital flow has been stymied, to say the least...You see it in our public valuation. You see it in the private conversations we’re having w/ private operators, that there are a lot of deals sitting on an investment committee desk that aren’t sure what to do"
--- IMHO unlikely to materially reduce home prices nationwide - zoning barriers & tariff-driven costs not addressed
$ITB $XHB