The new housing bill in the US Senate will force large investors to sell residential properties.

To alleviate the housing pressure on the American people, the U.S. Senate is currently passing a bipartisan effort aimed at restricting the industry that specializes in building houses for rental purposes. Senators recently added a new provision to the latest housing bill, which requires large single-family residential investors to sell these homes to individual buyers within seven years of their completion. This move caught investors and builders off guard. They argue that this measure will actually dismantle the single-family rental business of large companies and real estate investment trusts, and push up housing costs. Last week, multiple industry organizations, including the National Association of Home Builders and the National Multifamily Housing Council, wrote letters to the White House and members of Congress opposing the new seven-year sell-off proposal. In contrast, some groups, such as the National Association of Realtors representing real estate agents, openly expressed support for the Senate's latest housing package. It is expected that the Senate will vote on the bill as early as this week.