The U.S. Senate passed the 21st Century ROAD to Housing Act 85-5 on Monday, a broad housing affordability package that includes new restrictions on institutional investor purchases of single-family homes. The bill now heads to the House.

85-5: The Senate Just Voted to Restrict Wall Street From Buying Single-Family Homes

Atlanta Home Network · Published June 2026

The U.S. Senate on Monday passed the 21st Century ROAD to Housing Act in an 85-5 vote, a broad housing affordability package that includes new restrictions on institutional investor purchases of single-family homes.

The bill now heads to the House, which is expected to act quickly.

The bill passed 85-5. It now heads to the House. The White House pushed for the institutional-investor provision.

What's in the bill

The legislation includes more than 45 housing provisions. The bill's stated aim is to increase housing supply, lower costs, and expand homeownership opportunities.

Key provisions include:

Limits on institutional investors purchasing certain single-family homes
Reduced regulatory barriers and streamlined environmental reviews for affordable housing development
Updated chassis requirements for manufactured housing
An innovation fund for communities that increase housing supply
Housing support for veterans
Nine community banking provisions included at House request

It is the most broad federal housing legislation in decades, according to congressional leaders involved in the negotiations.

The institutional investor provision

The provision drawing the most attention restricts how institutional investors, including private equity firms and large investment funds, can purchase single-family homes. The White House had pushed for the language.

Supporters argue institutional buyers compete with individual homebuyers in many markets, driving up prices and reducing the homes available to owner-occupied buyers. The provision aims to reduce that competition.

Specific thresholds, enforcement mechanisms, and the scope of "single-family homes" covered by the restriction will be detailed when the final bill text is published.

What our local data shows

Atlanta Home Network has tracked the institutional investor share targeted by the federal bill across Cobb County.

In 2026, investor purchases have accounted for roughly one in four open-market home sales in Cobb County. Individual homebuyers regularly compete with investor buyers for the same homes.

Investor concentration varies sharply by area. In our Cobb County school zone analysis, we ranked all 17 high school zones by investor share. Sprayberry led at 39.7 percent. South Cobb zones ran 34 to 38 percent. East Cobb zones with the highest home prices (Walton, Pope, Lassiter) ran below 25 percent.

A buyer shopping for a Sprayberry-zone home faces nearly twice the investor competition of a buyer in the Walton zone. The federal bill, if enacted, would set national restrictions. Local markets show meaningful variation in how those restrictions would land.

The case for it

The bill passed with bipartisan support, and leaders in both parties cheered the result.

Sen. Tim Scott (R-SC), chairman of the Senate Banking Committee, said in a statement that the bill was the result of "years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership."

Sen. Elizabeth Warren (D-MA), top Democrat on the Banking Committee, framed the bill as a structural shift in how housing functions in the U.S. economy. Speaking from the Senate floor, she said the bill is about "increasing the supply of housing, bringing down the cost, and making housing something that is not just a Wall Street investment, but is actually there for American families."

Senate Majority Leader John Thune (R-SD) called the bill "a significant bill to make life more affordable for hardworking Americans."

Senate Minority Leader Chuck Schumer (D-NY) said the bipartisan vote "shows Americans how we should govern" and reflects "how dire America's housing crisis is today."

A near-unanimous vote

Five senators voted against the bill. Their names and reasoning were not detailed in initial reporting. The 85-5 margin is unusual for federal housing legislation, which typically draws considerably more opposition. Congressional leaders described the result as a rare moment of consensus, attributing it to the salience of housing affordability as a political issue heading into the midterm elections.

What's next

The bill heads to the House, which is returning from recess this week. Rep. French Hill (R-AR), chairman of the House Financial Services Committee, said the bill represents "a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership."

Rep. Maxine Waters (D-CA), top Democrat on House Financial Services, said the agreement reflects "meaningful progress," while noting it is "an important step forward, not the final destination."

If the House passes the bill in its current form, it would go to President Trump for signature.

Sources

Coverage of the June 22, 2026 Senate vote and bill provisions by CBS News (reporting by Kaia Hubbard) and CNBC.

For Atlanta Home Network's broader methodology and reporting on metro Atlanta investor activity, see our Methodology page.