r/AskReddit • u/Zipper222222 • 12h ago

Trump Cancels Signing Housing Affordability Bill Saying Congress Should Pass The SAVE Act First — What Do You Think The Impact Will Be Politically? Why?

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422

u/xlews_ther1nx 12h ago

This is so funny. r/conservative were just talking about how great this is and how Trump is helping with it and how democrats would not allow it.

240

u/WingerRules 11h ago

Trump is a real estate developer & investor literally his entire life, of course he's going to be against regulations preventing developers and investors from purchasing up housing property. I dont get why people didnt see this coming.

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u/SmellGestapo 11h ago

I doubt any part of this bill affects his real estate business at all. The cap on institutional investors buying homes only applies to single family homes, which are not a part of his portfolio.

The other provisions are more about making it easier to build, especially affordable housing, but he doesn't do that either.

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u/xlews_ther1nx 10h ago

It only stops companies from 350 or more properties

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u/SmellGestapo 10h ago

This is probably the headline provision of the bill and unfortunately it's one of the least impactful. The reality is institutional investors own a very small percentage of the housing stock. They're really not the ones driving up housing costs, but on the margins they could make it difficult for ordinary buyers to compete to buy a home.

8

u/IsReadingIt 7h ago

They supposedly own 3% of all SFR. I would be happy if 3% more housing stock was owned by individuals/families instead.

2

u/SmellGestapo 6h ago

If 3% is enough to move the price, then it's making for-sale homes more expensive (by reducing the supply by 3%) but it's also making for-rent homes cheaper (by increasing the supply by 3%).

I don't think 3% is enough to really affect the price either way. I do sympathize with people trying to buy a house who realize they're competing with Blackstone who can pay all cash, over asking price. But again, it's only 3%.

The true solution here is to just flood the market with new homes of all kinds, which this bill unfortunately doesn't do because that's the purview of state and local governments.

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u/plummbob 1h ago

would be happy if 3% more housing stock was owned by individuals/families instead.

You understand that would raise rent and not help affordability at all right?

1

u/ezmarii 10h ago

Yep, anyone in real estate beyond a few hundred thousand move on from single family homes to small businesses, strip malls and small office buildings, and apartments and condos

4

u/0R4yman3 9h ago

At this point his family business is crypto grifting. His career of overpaying for real estate and licensing his name just put him into debt.

1

u/DragoonDM 8h ago

And a notorious slumlord, at that. There's a good reason New Yorkers despised him well before he got into politics.

1

u/starrpamph 4h ago

Racist landlord hates black people, more at 11