Schatz says on the Senate floor "there is a problem" with the housing bill.
"There was an original idea to go after hedge fund ownership of housing. ... There is also a section that does a very bizarre thing, which is ... anybody who owns and rents out more than 350 units ...
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"There's literally no reason for this," Schatz said. "They wrote it wrong."
"Anyone who wants to build housing and then provide it for rent is going to be forced to sell after seven years. ... They will not have made their money back."
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Schatz calls the build-to-rent language "a drafting error."
"There is literally no reason to do it this way and it would take like a two-line fix. But what we were told last week is: The bill is closed."
ICYMI, this is the same provision that housing groups flagged last week: semafor.com/article/03/04/
The Treasury Department has also privately relayed concerns with the language: semafor.com/article/03/05/
The problem for is that people who have directly talked to about the 7 year BTR provision say she and her staff insist on keeping the language in the bill. So it’s not a drafting error.