Elizabeth Warren challenges build-for-rent giants. An investor ban divides Congress as Trump pushes restrictions.

The Big Picture The Massachusetts Democrat sent letters to 14 major real estate companies demanding transparency about their business practices and portfolios. The list includes Blackstone, Greystar, and Starwood Capital, plus niche single-family rental companies owning tens of thousands of homes. All 14 investors declined to comment or didn't respond.

Meanwhile, the Senate passed a bill in March banning institutional investors from owning more than 350 single-family homes. The measure, championed by President Trump, also targets firms that build homes to rent long-term as a business strategy. The House passed a version without the ban, creating a reconciliation clash.

“"Allowing private equity firms to snatch up thousands of homes makes it impossible for families to buy," Warren said.”

Why It Matters **The Senate's bill includes significant carve-outs**, but its scope worries industry groups. The National Rental Home Council defended the sector, saying members "offer quality homes to hardworking families who prefer renting flexibility." The group called for reforms that "expand supply and encourage investments in all housing types."

The National Association of Home Builders and Mortgage Bankers Association publicly asked Congress to revise language curtailing investors. Both fear the measure would discourage homebuilding when the market needs more supply.

The proposal enjoys broad public support. Warren cited a poll showing majority backing for legal constraints on housing market investors. But defining "institutional investor" — whether by home count or assets under management — carries risks, experts say. Small investors and family groups often amass dozens of properties.

The Bottom Line Republican Rep. French Hill, who chairs the House Financial Services Committee, warned of "real problems with the drafting language in the Senate bill." Hill noted MBA and NAHB resistance, saying forcing private sales after seven years "is a real problem for many House members."