U.S. Housing Bill Heads to White House: What It Means for Foreign Investors
House Speaker sends landmark housing legislation to the White House. The 21st Century Road to Housing Act could reshape the U.S. real estate market — and open new doors for Turkish investors.
U.S. Housing Bill Heads to White House: What It Means for Foreign Investors
WASHINGTON / NEW YORK — June 26, 2026
The U.S. House Speaker has sent the 21st Century Road to Housing Act to the White House for presidential signature, marking one of the most significant shifts in American housing policy in decades. The move, reported by Reuters on Thursday, comes as the U.S. housing market grapples with a persistent supply shortage and mortgage rates hovering near 7%.
For Turkish investors and companies eyeing U.S. real estate, the timing is critical. ULF New York analyzes what this legislation means — and what action may be required.
Congress Acts on Housing Crisis
House Speaker sends the 21st Century Road to Housing Act to the White House, Washington D.C., June 26, 2026.
The 21st Century Road to Housing Act addresses a structural deficit that has been building for years. According to the National Association of Realtors (NAR), the United States faces a shortage of approximately 3.8 million housing units — a gap that has driven prices to record highs and priced millions of Americans out of the market.
Key provisions of the bill include:
- Federal land release for residential construction in high-demand areas
- State and local incentive grants to streamline permitting and zoning
- Tax incentives for rental housing development, including affordable units
- FIRPTA threshold adjustments — potentially reducing withholding burdens on foreign sellers
- FinCEN reporting reforms for cash real estate transactions above $300,000
The last two points carry direct implications for Turkish investors currently holding or considering U.S. real estate assets.
Mortgage Rates: Still Elevated, But a Turning Point Ahead?
An official U.S. government press briefing podium ahead of the housing policy announcement, Washington D.C., June 26, 2026.
The 30-year fixed mortgage rate stands at 6.8%–7.2% as of late June 2026 — roughly double the historic lows of 2021. The Federal Reserve has signaled it will not cut rates before year-end, keeping borrowing costs elevated.
What this means in practice:
| Scenario | 2021 (3% rate) | 2026 (7% rate) | Change |
|---|---|---|---|
| $500K home, 20% down | ~$1,686/month | ~$2,661/month | +58% |
| $800K home, 20% down | ~$2,697/month | ~$4,257/month | +58% |
| $1M home, 20% down | ~$3,372/month | ~$5,322/month | +58% |
For cash buyers — a category that includes many Turkish investors — this environment is strategically favorable. With mortgage-dependent domestic buyers sidelined, competition is reduced and negotiating leverage increases.
Home Prices: Records Across Key Markets
American flags line a residential street as home prices reach historic highs across the United States in 2026. (Getty Images)
Despite high borrowing costs, home prices have continued to climb. The national median reached $430,000 in June 2026, driven by constrained supply and sustained demand in major metropolitan areas.
Regional breakdown — markets of interest to Turkish investors:
| Market | Median Price | YoY Change | Foreign Buyer Activity |
|---|---|---|---|
| New York City | $780,000+ | +4.2% | High |
| Miami | $620,000 | +6.8% | Very High |
| Los Angeles | $890,000 | +3.1% | High |
| Austin, TX | $480,000 | -1.5% | Moderate |
| Nashville, TN | $450,000 | +3.7% | Growing |
New York and Miami remain the top destinations for Turkish buyers, driven by established Turkish-American business communities, direct flight connections, and strong rental demand.
Legal Implications for Turkish Investors
Foreign nationals purchasing U.S. real estate must navigate FIRPTA, FinCEN, and entity structuring requirements. (Getty Images)
The housing bill, if signed into law, introduces several changes that Turkish investors must monitor:
1. FIRPTA Withholding — Potential Relief
Under current law, foreign sellers of U.S. real property face a 15% withholding on the gross sale price. The bill proposes raising the exemption threshold and reducing withholding rates for certain transaction types. This could significantly improve after-tax returns for Turkish investors planning to exit U.S. positions.
2. FinCEN Geographic Targeting Orders (GTO)
The bill includes provisions to standardize and potentially expand FinCEN cash transaction reporting. Currently, cash purchases above certain thresholds in New York, Miami, Los Angeles, and other cities require beneficial ownership disclosure. Turkish investors making cash purchases must ensure full compliance.
3. LLC and Corporate Structure
The bill does not alter the fundamental advantages of holding U.S. real estate through a Delaware LLC or New York LLC. This structure remains the most efficient vehicle for Turkish investors, providing:
- Liability protection
- Pass-through taxation
- Simplified FIRPTA compliance
- Estate planning flexibility
ULF New York Advisory: If you currently hold U.S. real estate or are planning an acquisition, the legislative changes in this bill may affect your tax position and reporting obligations. We recommend a legal review before the bill is signed into law.
Market Outlook: Second Half of 2026
With the housing bill advancing and the Fed holding rates steady, the second half of 2026 presents a nuanced picture:
Positive signals for investors:
- Increased housing supply (medium-term) will stabilize prices in overheated markets
- Rental demand remains strong — vacancy rates in NYC and Miami below 3%
- FIRPTA reform could improve exit economics
- New construction incentives may create ground-floor investment opportunities
Risks to monitor:
- Rate environment: any Fed pivot could rapidly re-energize domestic buyer competition
- Regulatory expansion: FinCEN and CFIUS oversight of foreign real estate investment is increasing
- NYC Pied-à-Terre Tax: proposed surcharge on secondary residences above $500,000 remains under discussion
How ULF New York Can Help
ULF New York is a law firm established exclusively for the U.S. affairs of Turkish companies and individuals. Our real estate practice covers:
- Entity formation — Delaware LLC, New York LLC, C-Corp structures
- FIRPTA compliance and planning — withholding certificates, exemption applications
- FinCEN GTO compliance — beneficial ownership filings
- Transaction due diligence — title review, contract negotiation
- Tax structuring — coordination with U.S. and Turkish tax advisors
To schedule a consultation: Contact us or call +1 (646) 421-9966
This article is for informational purposes only and does not constitute legal advice. For advice specific to your situation, please consult with a qualified attorney at ULF New York.
Sources: Reuters (June 26, 2026), National Association of Realtors, Federal Reserve, FinCEN.
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Written by
ULF New York Consulting Inc.
ULF New York legal team — New York-based attorneys advising Turkish companies and investors on U.S. market entry, corporate law, real estate, and international trade.