Rep. Sykes Celebrates Final Passage of Bipartisan 21st Century ROAD to Housing Act

Rep. Sykes Celebrates Final Passage of Bipartisan 21st Century ROAD to Housing Act

Major Housing Package Advances Priorities Reflected in Sykes' HOMES Act to Address Corporate Investors and Expand Housing Opportunity

WASHINGTON, D.C. - Today, U.S. Representative Emilia Sykes (OH-13) celebrated the final passage of H.R. 6644, the bipartisan 21st Century ROAD to Housing Act. The legislation expands housing affordability and supply nationwide by incorporating priorities championed in Rep. Sykes' Homes Over Massive Investors in Neighborhoods (HOMES) Act, including efforts to address the role of large-scale institutional investors in local housing markets.

"Families in Northeast Ohio deserve an opportunity at owning a home in the communities they love," said Rep. Sykes. "For too long, deep-pocketed corporate investors have treated homes like commodities instead of the foundation for strong families and neighborhoods. I'm proud to see my HOMES Act priorities reflected in this bipartisan legislation as it becomes law. This is an important step toward lowering costs and putting homeownership back within reach for working families."

Rep. Sykes has been a leading voice on housing affordability in Congress. She serves as Chair of the New Democrat Coalition's Affordable Housing Task Force and is a co-convener of the House Democrats' Housing Affordability Working Group, helping lead efforts to expand housing supply, lower costs, and strengthen pathways to homeownership for working families nationwide.

Private equity and other Wall Street-backed outside investors are a growing problem in local housing markets and contribute to pushing homeownership further out of reach for many working families. In 2021, investors purchased 16 percent of homes in Cleveland, with one ZIP code reaching 70 percent. In Cincinnati, investors purchased 15 percent of homes, reaching nearly 50 percent in some communities. On one street, a single company purchased 29 homes. Large investors often use technology and all-cash offers to outcompete individual buyers, targeting the same affordable starter homes sought by first-time homebuyers and pricing families out of the market.

Beyond provisions addressing institutional investors in the housing market, the 21st Century ROAD to Housing Act includes measures to modernize federal housing programs, reduce regulatory barriers, and support local communities working to address housing shortages.

The legislation now heads to the President's desk for his signature.