Bill Owens, chairman of the National Association of Home Builders (NAHB) and a home builder and remodeler from Worthington, Ohio, issued the following statement after the Senate passed the 21st Century ROAD to Housing Act:

“While the Senate-passed housing package includes several favorable provisions that would streamline environmental reviews, encourage land use and zoning reforms and improve our aging housing stock, we are very concerned about a provision that could significantly curtail housing supply. Specifically, the provision requiring institutional investors to sell built-for-rent single-family homes within seven years would severely reduce investment in rental housing and could slash single-family production by nearly 40,000 units per year.

“We urge the House to seek a conference and make changes to remove the government mandate to sell rental housing within seven years so that it will not lead to a decrease in new construction. NAHB will continue to work with House and Senate lawmakers to pass a final housing package that includes the best elements of both chambers’ bills and truly reflects Congress and President Trump’s stated purpose of increasing the nation’s housing supply.”