By Matt Wasileweski | Bisnow
More than three dozen commercial real estate industry groups are urging the Senate to reconsider a provision in its housing reform package that they say will decimate build-to-rent construction.
The Mortgage Bankers Association, The Real Estate Roundtable, the National Apartment Association and the National Multifamily Housing Council are among the industry groups calling on senators to amend the 21st Century Renewing Opportunity in the American Dream to Housing Act to eliminate a provision requiring large BTR developers to sell any communities within seven years of construction.
The 42 industry groups that signed the letter, 32 of which are affiliated with the YIMBY Action network, say the legislation as written would make new development untenable and strip away the benefits that come with operating at scale and with flexibility.
