The Biggest Housing Law in 30 Years Just Passed. The Headlines Covered an Autograph.
First housing reform this size in about three decadesRestricts Wall Street firms from buying single-family homesTrump: refused to sign "in PROTEST"NBC: "now law even though Trump didn't sign it"Owner: NBCUniversal/Comcast
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Early Saturday, the United States got its biggest housing reform in about three decades. It streamlines the environmental reviews that slow homebuilding, opens up mortgage lending through credit unions, expands modular housing, and β the big one β restricts large corporate investors from buying up single-family houses to rent back to you. If you rent, want to buy, or have ever lost a bidding war to an LLC, this is your law.
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Now here's NBC News introducing it: "Major housing affordability bill is now law even though Trump didn't sign it." The law that outbids the hedge fund for your starter home is the setup. The punchline is whose autograph is missing.
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The missing-autograph story, for the record: Trump refused to sign "in PROTEST" β his caps β because the Senate won't pass his voter ID bill. Two unrelated things, one held hostage for the other. He didn't veto it either, so after a ten-day constitutional waiting period the law happened without the pen. That is a story. It's a good story. It's just the second-best story in the sentence.
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NPR got closer: "Largest housing affordability bill in decades becomes law without Trump's signature." At least you learn the size of the thing. But the star of the sentence is still the man who didn't do something, not the millions of people it's about to happen to.
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Credit where due: CNN ran "Sweeping housing affordability bill becomes law, despite Trump's delay. Here's what it actually means for the housing market." That second sentence is the whole job. It's the only headline in the pile addressed to a person trying to live somewhere rather than a person following a feud.
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The signature drama is real news β presidents don't usually let landmark bills become law by sulking. But when the biggest housing law since the '90s passes Congress by overwhelming margins and the corporate-landlord clause can't crack a single headline, the press has quietly told you whose story it thinks this is. Hint: not yours.
βThe biggest housing law in thirty years got second billing to a missing autograph.β