TPA Slams Senate for Passing Housing Bill

FOR IMMEDIATE RELEASE

Contact: Kara Zupkus (224) 456-0257

WASHINGTON, D.C. – Today, the Taxpayers Protection Alliance (TPA) criticized the Senate for passing legislation that would undermine housing affordability. Introduced by Sens. Tim Scott (R-SC) and Elizabeth Warren (D-Mass.), Chair and Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, respectively, the 21st Century ROAD to Housing Act was passed by the Senate in an 89-10 vote.

Ross Marchand, Executive Director of the Taxpayers Protection Alliance, offered the following comment:

“TPA has repeatedly warned that a ban on large investors buying single-family homes is a terrible idea that would fail to bring down home prices. Institutional investors own less than 1 percent of single-family homes and are absolutely not to blame for high and rising home prices. TPA opposes any attempt to impose red tape on the housing market, which is already being held back by outdated rules.

“The legislation does have some promising provisions that target unneeded and outdated regulations holding back housing supply. For example, the bill targets onerous environmental reviews that can turn a seven-month build into a seven-year build. This approach is the right one but cannot alone solve the affordability crisis. States and localities are responsible for most of the housing red tape and need to get their permitting systems under control. And with the institutional investor ban in place, red tape will continue to get in the way of other promising reforms.

“This bill is a missed opportunity to cut red tape and bring down housing costs. TPA urges the House of Representatives to reject this bill.  TPA will continue to fight for reforms that will lower home prices for millions of Americans.”

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The Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis, and dissemination of information on the government’s impact on the economy.