Bipartisan housing bill faces backlash from 10 senators with ties to big donors
A bipartisan housing bill aimed at restricting large institutional investors from buying single-family homes has faced opposition from 10 US senators. The 21st Century Road to Housing Act would also force investors to sell build-to-rent properties within seven years. Campaign records show these lawmakers received significant donations from groups that could lose profits if the bill passes.
The 10 senators who voted against the bill include Republicans Thom Tillis of North Carolina, Todd Young of Indiana, Mike Lee of Utah, Ted Cruz of Texas, Rick Scott of Florida, Rand Paul of Kentucky, Ted Budd of North Carolina, Ron Johnson of Wisconsin, and Tommy Tuberville of Alabama, as well as Democrat Brian Schatz of Hawaii. Each received tens or hundreds of thousands of dollars in 2024 election-cycle donations from potentially affected organisations.
Sen. Thom Tillis led in contributions, collecting at least $468,916 from large institutional investors, with Blackstone Group as his top donor. Sen. Todd Young followed, receiving at least $291,755 from similar sources, including private equity firms and advocacy groups opposing the bill's restrictions. Sen. Mike Lee received at least $159,459 from companies like Blackstone, KKR & Co., and Koch Inc., while Sen. Ted Cruz took in at least $145,752 from large investors and firms such as Maury L Carter & Associates. The donors include private equity firms, institutional investors in single-family homes, and companies financing build-to-rent developments. Some of these groups have publicly opposed the bill, arguing it would hurt their business models. However, campaign donations alone do not confirm whether a lawmaker's vote aligns with donor interests. No US House Representatives have publicly stated their positions on the bill, as no relevant records appear in available sources.
The 21st Century Road to Housing Act now moves forward without the support of these 10 senators. Their opposition comes amid substantial campaign funding from industries directly impacted by the proposed restrictions. The bill's future depends on further legislative steps and potential debates over its economic effects.
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