{"id":168918,"date":"2024-03-04T13:33:02","date_gmt":"2024-03-04T20:33:02","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=168918"},"modified":"2024-04-02T09:31:19","modified_gmt":"2024-04-02T15:31:19","slug":"how-the-affordable-housing-and-homeownership-protection-act-will-impact-investors","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-the-affordable-housing-and-homeownership-protection-act-will-impact-investors","title":{"rendered":"New Bill in Congress Targets Real Estate Investors\u2014Here\u2019s Why This Could Be a Big Problem"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC8177274869\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC2423235772\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p>Real estate investors seem to be taking it from all sides these days. Not only are interest rates, property taxes, and construction costs up significantly from a few years ago, but more and more legislation is being passed to make investing in and managing real estate more difficult, arduous, and expensive.&nbsp;<\/p>\n\n\n\n<p>And, of course, it should come as no surprise that most of this legislation will not only hurt real estate investors but will make the problems that need solving all the worse.<\/p>\n\n\n\n<p>I have discussed the moves toward&nbsp;<a target=\"_blank\" href=\"https:\/\/www.biggerpockets.com\/blog\/rent-control-does-not-work-but-the-government-keeps-doing-it\" rel=\"noreferrer noopener\">rent control<\/a>&nbsp;and&nbsp;<a target=\"_blank\" href=\"https:\/\/www.biggerpockets.com\/blog\/proposed-landlord-restrictions-devastate-investors-housing-industry\" rel=\"noreferrer noopener\">tenant screening restrictions<\/a>&nbsp;elsewhere. Fortunately, the bill we\u2019re looking at today has not yet passed or even made it out of committee. If it does, it could very well be the most damaging legislation yet for real estate investors.<\/p>\n\n\n\n<p>The bill being proposed has the euphemistic title of the&nbsp;<a target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/senate-bill\/3673\/text?s=1&amp;r=8\" rel=\"noreferrer noopener\">Affordable Housing and Homeownership Protection Act<\/a>&nbsp;and was introduced by senators Tina Smith, Jack Reed, and Tammy Baldwin. The goal of the bill, as Senator Tina Smith\u2019s&nbsp;<a target=\"_blank\" href=\"https:\/\/www.smith.senate.gov\/the-affordable-housing-and-homeownership-protection-act-would-tackle-housing-crisis-by-creating-millions-more-homes-and-helping-main-street-compete-with-wall-street\/\" rel=\"noreferrer noopener\">press release<\/a>&nbsp;puts it, is to \u201chelp Main Street compete with Wall Street.\u201d The press release says, as of today:<\/p>\n\n\n\n<p><em>\u201cLow-income Americans are particularly strained\u2014the National Low Income Housing Coalition estimates 73% of extremely low-income households spend more than half their income on housing. Unsurprisingly, homelessness has risen in line with housing prices and is up 15% since 2019.\u201d<\/em><\/p>\n\n\n\n<p>And what\u2019s the main cause of this? Well, it\u2019s us dastardly real estate investors, of course:<\/p>\n\n\n\n<p><em>\u201c[I]nvestors are buying a greater share of single-family homes sold each year\u2014many of which they hold as rentals\u2014preventing more families from reaching homeownership and often driving up rents. Most households cannot compete with the largest investors, usually private equity and other institutional investors, who can use their financial might to make all-cash offers, waive contingencies, and provide other concessions individuals are unable to match. Through November, more than one out of every four single-family homes sold in 2023 were bought by investors, not hardworking households\u2014a 69% increase from investors\u2019 pre-pandemic share of home purchases.\u201d<\/em><\/p>\n\n\n\n<p>Thereby, the bill proposes to tax real estate investors every time they purchase a single-family residence&nbsp;<a target=\"_blank\" href=\"https:\/\/www.wpr.org\/news\/real-estate-investors-who-buy-up-single-family-homes-in-wisconsin-could-get-taxed-under-new-bill\" rel=\"noreferrer noopener\">at a graduated rate<\/a>, depending on how many properties they own. Apparently, \u201cprivate equity and other institutional investors\u201d include mom-and-pop investors with 15 rentals.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s how the tax would work:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>16-25 SFR owned:&nbsp;<\/strong>1% of purchase price<\/li>\n\n\n\n<li><strong>26-100 SFR owned:<\/strong>&nbsp;3% of purchase price<\/li>\n\n\n\n<li><strong>More than 100 SFR owned:<\/strong>&nbsp;5% of purchase price<\/li>\n<\/ul>\n\n\n\n<p>Obviously, this would be quite detrimental to investors\u2014even more so because just about everything in this press release is wrong or misleading.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Is Wall Street Buying Up Main Street?&nbsp;<\/h2>\n\n\n\n<p>It became a popular meme in the post-COVID era to complain that large Wall Street hedge funds in general, BlackRock in particular, were buying up houses throughout the United States. The theory went that these companies were driving up home prices with the express goal of making the United States a nation of renters in a sort of neo-feudalist dystopia.<\/p>\n\n\n\n<p>There are plenty of valid criticisms to be made of Wall Street in general and BlackRock in particular, but this isn\u2019t one of them.<\/p>\n\n\n\n<p>In 2018, there were approximately&nbsp;<a target=\"_blank\" href=\"https:\/\/www.urban.org\/sites\/default\/files\/publication\/101553\/housing_supply_chartbook_1.pdf\" rel=\"noreferrer noopener\">83.3 million single-family houses<\/a>&nbsp;in the United States. Institutional investors own but a tiny fraction of these. As Gary Beasley&nbsp;<a target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2021\/12\/15\/wall-street-isnt-the-reason-for-all-the-problems-in-the-housing-market\/?sh=1fa6ce0cc403\" rel=\"noreferrer noopener\">points out<\/a>&nbsp;in a December 2021&nbsp;<em>Forbes<\/em>&nbsp;article:<\/p>\n\n\n\n<p><em>\u201cResearchers at my company, Roofstock, estimate that large-scale landlords today own approximately 450,000 of the roughly 20 million single-family rentals in the U.S. While this represents considerable growth over the past decade, it represents less than 2.5% of all single-family rentals and less than 0.5% of all single-family homes (including owner-occupied).\u201d<\/em><\/p>\n\n\n\n<p>In addition, at least one of these firms, VineBrook Homes, is&nbsp;<a target=\"_blank\" href=\"https:\/\/www.fastcompany.com\/90993134\/institutional-homebuyer-selling-off-quickly-creating-inventory-regional-housing-markets\" rel=\"noreferrer noopener\">starting to liquidate a larger portion of its holdings<\/a>.&nbsp;<\/p>\n\n\n\n<p>Yet the myth persists. Just recently, where I live,&nbsp;<em>The Kansas City Beacon<\/em>&nbsp;<a href=\"https:\/\/kcbeacon.org\/stories\/2024\/02\/28\/kansas-city-single-family-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">published a piece<\/a>&nbsp;about how \u201cfive companies own 8,000 Kansas City area homes\u201d and that this was \u201ccreating intense competition for residents.\u201d Using data from the&nbsp;<a href=\"https:\/\/storymaps.arcgis.com\/stories\/f34cd200c4894e20a2e88f08d77dc792\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mid-America Regional Council<\/a>, they produced the following chart:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"816\" height=\"585\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1-1.jpeg\" alt=\"Investors of Single-Family Residences - The Kansas City Beacon\" class=\"wp-image-168928\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1-1.jpeg 816w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1-1-300x215.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image1-1-768x551.jpeg 768w\" sizes=\"auto, (max-width: 816px) 100vw, 816px\" \/><figcaption class=\"wp-element-caption\"><em>Investors of Single-Family Residences &#8211; <a href=\"https:\/\/kcbeacon.org\/stories\/2024\/02\/28\/kansas-city-single-family-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Kansas City Beacon<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p>Five companies owning 8,000 houses in the KC metro area or investors owning almost 15,000 single-family residences in Jackson County (the largest county in the metro area) sound like a lot\u2014that is until you realize there are&nbsp;<a target=\"_blank\" href=\"https:\/\/www.jacksongov.org\/Government\/Departments\/Assessment\/Real-Property-Accounts\" rel=\"noreferrer noopener\">296,000 parcels<\/a>&nbsp;in Jackson County alone.&nbsp;<\/p>\n\n\n\n<p>While many of those are commercial or industrial or vacant land, it wouldn\u2019t be surprising if there were close to 800,000 houses in the nine counties that make up the Kansas City metro area. In this case, those five gigantic companies own a single, solitary percent of Kansas City housing stock.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Real Estate Investors and Single-Family Residences<\/h2>\n\n\n\n<p>If the government really wanted to prevent Wall Street from buying up single-family houses, it could just set a hard cap at 1,000 properties. No hedge fund would settle for less than that. Since that\u2019s not what this bill does, we should look at the role of real estate investors in general, as this bill is clearly directed at all of us.<\/p>\n\n\n\n<p>According to CoreLogic, the percentage of homes purchased by&nbsp;<a href=\"https:\/\/www.vox.com\/22524829\/wall-street-housing-market-blackrock-bubble\" target=\"_blank\" rel=\"noreferrer noopener\">investors of any size had actually been declining precipitously<\/a>&nbsp;from a high of 29% in 2013 to just 20.5% in the fourth quarter of 2020.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"705\" height=\"467\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image3.jpeg\" alt=\"Investor Purchase Percentage of Total Home Sales (2006-2020) - Vox\" class=\"wp-image-168930\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image3.jpeg 705w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image3-300x199.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image3-340x225.jpeg 340w\" sizes=\"auto, (max-width: 705px) 100vw, 705px\" \/><figcaption class=\"wp-element-caption\"><em>Investor Purchase Percentage of Total Home Sales (2006-2020) &#8211; <a href=\"https:\/\/www.vox.com\/22524829\/wall-street-housing-market-blackrock-bubble\" target=\"_blank\" rel=\"noopener\">Vox<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p>At that point, the number of investor-purchased properties skyrocketed. Investors bought just shy of 40,000 properties in Q1 2020, about 20,000 less than the year before, but then pushed 100,000 in Q4 of 2021.<\/p>\n\n\n\n<p>But like a flash in the pan, the&nbsp;<a href=\"https:\/\/www.biggerpockets.com\/blog\/highest-share-of-investors-on-record-are-buying-low-value-homes\" target=\"_blank\" rel=\"noreferrer noopener\">SFR craze fell right back down to Earth<\/a>&nbsp;and finished Q4 2023 below where it had been in Q4 2019. Overall, investors&nbsp;<a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q3-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">purchased 30% less<\/a>&nbsp;in the third quarter of 2023 than 2022, which Senator Tina Smith conveniently left out.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image2.jpeg\" alt=\"Investor Purchases Nationally (2000-2024) - Redfin\" class=\"wp-image-168929\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image2.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image2-300x164.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image2-768x419.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Investor Purchases Nationally (2000-2024) &#8211; <a href=\"http:\/\/redfin.com\" target=\"_blank\" rel=\"noreferrer noopener\">Redfin<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p>There have now been six straight quarters where investors have purchased fewer properties than the quarter before.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image4.jpeg\" alt=\"YoY Growth in Investor Purchases Nationally (2000-2024) - Redfin\" class=\"wp-image-168931\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image4.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image4-300x164.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/03\/image4-768x419.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>YoY Growth in Investor Purchases Nationally (2000-2024) &#8211; Redfin<\/em><\/figcaption><\/figure>\n\n\n\n<p>Except for the aberration of 2021, it\u2019s simply not true to say that investors are buying up a substantially larger percentage of single-family residences than before.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What This Bill Will Do<\/h2>\n\n\n\n<p>One of the most perplexing things about this proposed act is that it\u2019s being portrayed as if it were going after institutional investors. How exactly someone who owns 100 rental properties (let alone 15) qualifies as an \u201cinstitution\u201d on the level of some Wall Street hedge fund is left unexplained.<\/p>\n\n\n\n<p>Regardless, the bill will, quite obviously, reduce the number of properties that real estate investors purchase. This will have two major effects:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>It will reduce the number of blighted properties being purchased and&nbsp;<em>rehabbed<\/em>.<\/li>\n\n\n\n<li>It will reduce demand for properties in low-income neighborhoods.<\/li>\n<\/ol>\n\n\n\n<p>The reason for the first effect is, as Laurie Goodman and Edward Golding of the Urban Institute have&nbsp;<a target=\"_blank\" href=\"https:\/\/www.urban.org\/urban-wire\/institutional-investors-have-comparative-advantage-purchasing-homes-need-repair\" rel=\"noreferrer noopener\">noted<\/a>, investors:&nbsp;<\/p>\n\n\n\n<p><em>\u201c\u2026have two significant comparative advantages over owner-occupants in purchasing homes that need significant repair. First, they have expertise and can realize economies of scale when doing major renovation work. Second, they have a financing advantage because they can pay cash sourced from capital markets\u2026\u201d<\/em><\/p>\n\n\n\n<p>Indeed,&nbsp;<a target=\"_blank\" href=\"https:\/\/www.biggerpockets.com\/guides\/how-to-flip-houses\" rel=\"noreferrer noopener\">flippers<\/a>&nbsp;focus almost exclusively on properties that need to be rehabilitated. And many flippers are also landlords who own over 15 properties.&nbsp;<\/p>\n\n\n\n<p>Our company has focused almost exclusively on&nbsp;<a target=\"_blank\" href=\"https:\/\/www.biggerpockets.com\/guides\/brrrr-method\" rel=\"noreferrer noopener\">the BRRRR method<\/a>, and almost every property we have bought has needed fairly significant repairs.<\/p>\n\n\n\n<p>On the other hand, \u201cmost recent buyers who purchased new homes were looking to avoid renovations,\u201d&nbsp;<a target=\"_blank\" href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers\" rel=\"noreferrer noopener\">according to a survey<\/a>&nbsp;by the National Association of Realtors.&nbsp;<a target=\"_blank\" href=\"https:\/\/bestlifeonline.com\/regret-buying-home-news\/\" rel=\"noreferrer noopener\">Another survey found<\/a>&nbsp;that \u201cbuying a fixer-upper\u201d was the fourth most common regret among recent homebuyers. Given that most homebuyers don\u2019t buy fixer-uppers, that statistic is rather telling.<\/p>\n\n\n\n<p>It\u2019s an axiom of economics that if you tax something, you will get less of it. In this case, the government would be taxing the renovation of houses. So, expect less of it. If you\u2019re a fan of urban blight, this bill is for you!<\/p>\n\n\n\n<p>The second effect may sound good at first, namely, that there would be less demand for low-income housing. But the reason for this is that a large percentage of low-income single-family houses are rentals. Some people act as if renting is a bad thing, but for many people, it\u2019s more affordable and\/or provides more flexibility than buying. Many are renting to save money in order to buy in the future. In short, renting in and of itself is not a bad thing.<\/p>\n\n\n\n<p>However, reducing the number of potential investors by taxing them will not simply increase the number of homeowners who buy such properties. That\u2019s because many people in low-income neighborhoods also, unfortunately, have bad credit. And since the 2008 crash, banks have been (rightfully)&nbsp;<a target=\"_blank\" href=\"https:\/\/andrewsyrios.substack.com\/p\/more-charts-showing-a-crash-is-highly?utm_source=%2Fsearch%2Fcalculated%2520risk&amp;utm_medium=reader2\" rel=\"noreferrer noopener\">very careful about lending<\/a>&nbsp;to those who are a significant credit risk.<\/p>\n\n\n\n<p>Thus, you are likely to see a flight of capital away from low-income neighborhoods, which are the neighborhoods that need investment the absolute most. This would mean fewer properties in these neighborhoods will be bought and repaired. And most notably, the properties in these neighborhoods that need repairs will be the ones least likely to be renovated.&nbsp;<\/p>\n\n\n\n<p>So, more blight. But furthermore, it will mean fewer units are available to rent out. Less supply means higher prices. Just as building more units will \u201cslow the growth in rents,\u201d&nbsp;<a target=\"_blank\" href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4629628\" rel=\"noreferrer noopener\">as an analysis of dozens of studies<\/a>&nbsp;by three directors of NYU\u2019s Furman Center showed, renovating currently existing but unlivable housing stock will do the same.&nbsp;<\/p>\n\n\n\n<p>In other words, this bill will push rents up, at least in low-income neighborhoods. It will thereby hurt the people it\u2019s intended to help.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final Thoughts<\/h2>\n\n\n\n<p>The&nbsp;<a target=\"_blank\" href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-145\" rel=\"noreferrer noopener\">unaffordability<\/a>&nbsp;of housing in today\u2019s market has to do with many factors, most notably insufficient supply and high interest rates. Hopefully, interest rates will come down as inflation cools.&nbsp;<\/p>\n\n\n\n<p>But otherwise, the best thing the government can do to reduce housing costs is to stimulate building. Indeed, the National Association of Home Builders&nbsp;<a target=\"_blank\" href=\"https:\/\/www.nahb.org\/-\/media\/NAHB\/news-and-economics\/docs\/housing-economics-plus\/special-studies\/2021\/special-study-government-regulation-in-the-price-of-a-new-home-may-2021.pdf?rev=29975254e5d5423791d6b3558881227b#:~:text=On%20a%20dollar%20basis%2C%20applied,due%20to%20regulation%20during%20construction.\" rel=\"noreferrer noopener\">found that<\/a>, as of May 2021, \u201cOn a dollar basis, applied to the current average price ($394,300) of a new home, regulation accounts for $93,870 of the final house price.\u201d Cutting that down would be a good place to start.<\/p>\n\n\n\n<p>Unnecessarily punishing real estate investors with higher taxes won\u2019t do anything to stymie this problem, however. It won\u2019t even punish Wall Street firms who can easily switch to another niche. On the other hand, many smaller real estate investors have made a career out of real estate and cannot so easily do something else.&nbsp;<\/p>\n\n\n\n<p>Thus, it will be the small-to-mid-sized investors who are hurt by this bill the most, as well as the communities who have to deal with the extra blight and urban decay it would bring.<\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_ebe06f878966e982c8d928a5198c20e2\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_d292b0d6b12703ed38f99d1f7b206709\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=button-custom-event-block_aa62720385bbddc4e83b2e7417543f8e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/how-the-affordable-housing-and-homeownership-protection-act-will-impact-investors&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/how-the-affordable-housing-and-homeownership-protection-act-will-impact-investors&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Another bill is targeting real estate investors\u2014this time, with a goal to \u201chelp Main Street compete with Wall Street.\u201d What&#8217;s in the bill? And what are the consequences for investors if passed?<\/p>\n","protected":false},"author":1689,"featured_media":160565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7384,7119],"tags":[],"class_list":["post-168918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics-policy","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/168918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1689"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=168918"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/168918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/160565"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=168918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=168918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=168918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}