I'd be curious what everyone else is thinking with  the new federal housing legislation.

Here in St. Louis, I watched that increased competition from institutional buyers.  For several years, a lot of the starter homes in roughly the $150k–$350k range weren't just competing against other families or local investors. They were getting cash offers from institutional buyers. A lot of those homes that used to become owner-occupied—or ended up in the hands of an individual landlord—are now part of large rental portfolios.  I think that changed the market more than people realize but it's still only one of many factors.

I'm not saying this new legislation is going to suddenly flood the market with inventory or make homes more affordable overnight. I don't think that's realistic. Interest rates and inventory are still going to drive most of what happens.  I don't think we'll see any changes short term from any part of the bill, including the parts that pave the way to build more inventory.  How much impact do you think the bill will have over time? 

Curious what everyone else is seeing.

• Did institutional buyers have much of an impact where you invest?
• Do you think this legislation actually changes anything?
• Or do you think it's mostly business as usual?

I'd love to hear perspectives from other markets because I know St. Louis isn't the only place that experienced this.