Wall Street Landlords, Build-to-Rent, and What the Backlash Means for Cross-Border Buyers

Published on: July 10, 2026

Last verified: 9 July 2026. This piece reflects legislation and policy that were in flux at the time of writing. Verify the current position before acting.

On 22 and 23 June 2026, the United States Congress did something it had not done in more than three decades: it passed a broad, bipartisan housing bill. The Senate voted 85-5. The House voted 358-32. The 21st Century ROAD to Housing Act was presented to the President on 29 June.

Buried inside a package about zoning reform, environmental review and modular construction is a provision that the real estate industry has been reading and re-reading ever since. It prohibits "large institutional investors" (defined as entities with investment control of 350 or more single-family homes) from purchasing single-family homes in the United States, subject to a list of statutory exceptions. Violations carry civil penalties of up to