Invitation Homes CEO Says 350-Home Ban Will Lower Prices Over Time

1 articles · Updated · CNBC · Aug 11

Dallas Tanner said the July housing law barring investors with more than 350 homes from buying existing houses should reduce home prices in the medium to long term, but not quickly.
Tanner said mortgage-rate swings, high construction costs and zoning and regulatory barriers still weigh on affordability, limiting any immediate effect from a bill he said is 90% focused on deregulation and supply.
Invitation Homes is shifting toward newly built rentals that remain allowed under the law, after building or acquiring more than 6,000 new homes in five years and buying homebuilder ResiBuilt in January.
Large investors own less than 3% of the single-family rental market nationally, but their footprint is far larger in some cities, including 25% in Atlanta, 21% in Jacksonville and 18% in Charlotte.
The comments came after Invitation Homes posted better-than-expected late-July earnings, even as rents and demand remain weaker than in the early pandemic boom.