'Does he think hedge fund managers live in rentals?' WSJ blasts new Trump program

President Donald Trump can usually rely on The Wall Street Journal Editorial Board to support his economic programs, but on Tuesday the venerable newspaper slammed the Republican Party leader for being too “progressive.”

“Republicans want to show voters they’re doing something to ease housing costs,” the Editorial Board observed. “The result, alas, is a pork-filled bill hitting the Senate floor this week that is a big win for Massachusetts Sen. Elizabeth Warren and the political left.”

Describing the Senate’s 21st Century ROAD to Housing Act as “a melange of some 40 bills,” the editorial board took issue with a provision that bans large investors from purchasing single-family homes to rent.

“President Trump thinks the investor ban polls well and likes to say ‘people live in homes, not corporations,’” the Editorial Board observed. “But who does he think lives in rental homes—hedge fund managers? Most tenants are lower-income. The Senate bill could force many of them out of their homes.”

Arguing that Trump’s bill would bar most investors with 350 or more homes from purchasing new ones, while others would need to sell any properties they acquired under these exemptions within seven years, the Board argued that it is bad both for the investors and for renters.

“Smaller firms will likely exit the market because they couldn’t expand,” the Editorial Board argued. “If investors are forced to unload properties, where will their tenants go? Amherst estimates that roughly 85% of its tenants wouldn’t qualify for a mortgage because of credit constraints or other underwriting restrictions.”

In the name of achieving a political victory, the editorial board argued that “the White House is pressuring Senate Republicans to pass the bill and wants the House to accept it. But why do Republicans want to provide a down payment for Ms. Warren and fellow progressives to expand Washington control over housing in their states?”

This is not the first time the Journal has called out Trump’s economic programs. Earlier in March it pointed out that the February jobs report was “lousy,” adding that “the U.S. shed 92,000 jobs and revised down gains for January and December by a combined 69,000. The question is what to make of the declines.”

Other conservatives have also criticized Trump’s economic policies. Writing for the conservative-leaning publication The Bulwark, commentator Mona Charen denounced Trump’s tariffs and predicted they would cost the Republicans in the upcoming midterm elections.

“Voters are rarely able to connect policy to outcomes, but they have done so in the case of tariffs,” Charen said. “Back in 2024, Americans were about equally divided on the question of trade, with some favoring higher tariffs and roughly similar numbers opting for lower tariffs. Experience has changed their views.”

Indeed, Trump’s tariffs are so controversial that six Republican lawmakers joined their Democratic counterparts to vote for a bill to repeal Trump’s tariffs against Canada. Those lawmakers include Reps. Don Bacon of Nebraska, Brian Fitzpatrick of Pennsylvania, Dan Newhouse of Washington, Kevin Kiley of California, Thomas Massie of Kentucky and Jeff Hurd of Colorado.

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