President Donald Trump has expressed his reservations about a housing bill designed to address affordability, Politico reported.
Trump had considered putting out a social media post criticizing the 21st Century ROAD to Housing Act. He objects to language in the bill that would require large institutional investors to sell single-family homes that are built as long-term rentals after seven years.
The president ultimately did not send out the post, but there are concerns his objections to the bill could upend senators' push to have the House accept the bill without any changes.
The bill passed the Senate with bipartisan support, but has stalled in the House.
"I think the White House wants to get it done, but I think they're going to have to really probably take some work to get the action in the House," Senate Majority Leader John Thune, R-S.D., told Politico.
The institutional investor provision was added to satisfy Trump's demand that the bill crack down on Wall Street's footprint in the housing market.
Supporters say the provision would increase homeownership, but opponents say the requirement has frozen capital for constructing those properties.
The White House is working to get Republicans on the House Financial Services Committee on board with the bill.
The House could vote for the legislation when lawmakers return from a recess in May, a person familiar with the housing bill negotiations told Politico, if the White House signs off.
"President Trump has been laser-focused on making housing more affordable," White House spokesperson Davis Ingle said in a statement.
"The President will not stop fighting until the American Dream of homeownership is within reach for every American, which is why he continues to sign bold new executive orders and calls on Congress to pass further legislation."
The White House had previously endorsed the bill, which features numerous incentives for homeownership amid a national housing shortage.
Members of Congress and the White House had hoped the bill could boost the GOP's chances in the midterm elections, showing voters they care about affordability.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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