Senate passes bill to lower housing costs and restrict Wall Street from buying homes

June 23, 2026 - 01:56

The Senate has approved a bipartisan bill aimed at tackling rising housing costs by boosting home construction and limiting the ability of large investment firms to purchase single-family homes. The legislation, which was developed with input from both chambers of Congress, now heads to the House of Representatives for a vote.

Supporters of the bill argue that it targets two major drivers of the current housing crisis: a severe shortage of available homes and the aggressive buying habits of institutional investors. Under the proposed law, large Wall Street firms would face new restrictions on purchasing single-family homes, a move intended to level the playing field for individual families trying to buy a home. The bill also includes measures to increase funding for the construction of affordable housing units across the country.

Proponents say the goal is to prevent large investors from out-bidding ordinary homebuyers, a practice that has become common in many competitive markets. Critics, however, have raised concerns about the potential impact on the rental market and whether the restrictions could discourage much-needed investment in housing development. The bill's fate now rests with the House, where it faces an uncertain path amid competing priorities and ongoing debates over government spending and housing policy.