21st Century ROAD to Housing Act:美國房地產新政策,將如何影響未來市場?
2026年 七月
美國房地產新政策:21 世紀住房發展法案
- 法案聚焦限制大型機構收購既有單戶住宅,政策方向在於鼓勵新增住宅供給,而非限制住宅投資。
- Build-to-Rent(BTR)並未納入限制範圍,顯示政策持續支持以新建住宅回應市場需求。
- 政策方向有助於提升市場對新增住宅開發的關注,BTR 可望持續扮演增加住宅供給的重要角色。
- 在美國住房需求與人口成長趨勢支撐下,BTR 長期發展基礎仍然穩健。
法案最新進度
- 2026 年 6 月 23 日:參、眾兩院完成最終版本,眾議院以 358:32 通過,正式送交白宮等待總統簽署。
- 目前狀態 (截止7月1 日):法案已完成國會立法程序,目前正等待總統簽署後正式生效,尚未成為法律。
這項法案旨在增加美國住房供給、改善住房可負擔性,其中一項最受市場關注的內容,就是針對大型機構投資人(Large Institutional Investors)購買單戶住宅(Single-Family Homes)的限制。
法案重點:限制大型機構收購既有單戶住宅
法案將持有或控制 350 戶以上單戶住宅的營利機構定義為 Large Institutional Investor,限制其直接或間接收購既有單戶住宅。政策核心在於增加一般民眾購屋機會、改善住房可負擔性,並將市場資源導向新增住宅供給,而非大量收購既有房源。
21st Century ROAD to Housing Act 重點整理
適用對象
大型機構投資人
持有大量單戶住宅資產,符合大型機構投資人定義之法人或投資實體。
法案主要針對大型機構投資人,不影響一般個人住宅投資。
法案內容
受規範的交易
涵蓋收購、併購及大量購買既有單戶住宅等交易。
法案重點在於限制既有住宅的集中收購,並非限制住宅開發或新增供給。
範圍
適用住宅類型
適用於兩戶以下住宅單位之既有單戶住宅。
製造型住宅(Manufactured Housing)不屬於本法案適用範圍。
不受限制項目
包括 Build-to-Rent(BTR)、Renovate-to-Rent、55+ 社區及其他法定例外情形。
符合法規條件之例外交易仍可依法進行,不受本法案限制。
ROAD to Housing Act 如何定義「單戶住宅(Single-Family Home)」?
Cottage
每棟住宅戶數
1–6 戶
是否符合 Single-Family Home 定義?
視開發模式而定
Townhome
每棟住宅戶數
3-12 戶
是否符合 Single-Family Home 定義?
不受限制
Duplex
每棟住宅戶數
2 戶
是否符合 Single-Family Home 定義?
是
Single Family
每棟住宅戶數
1 戶
是否符合 Single-Family Home 定義?
是
Build-to-Rent(BTR) vs. Single-Family Rental (SFR)
Build-To-Rent (BTR)
屬於法定例外項目(Excepted Purchase)
連續型社區(Contiguous Communities)
採集中式管理,類似公寓社區
Single-Family Rental (SFR)
法案主要規範對象
住宅分散於不同地區
多為歷年陸續收購的既有住宅
值得注意的是,法案同時列出 Excepted Purchases(例外交易),其中最重要的一項便是:Build-to-Rent(BTR,建造出租住宅)。由於 BTR 能增加住宅供給,因此被排除在限制之外,也反映政策對於新增住房供給的支持方向。也就是說,法案限制的是大型機構購買既有單戶住宅(Existing Homes),而非投資興建新的住宅社區。
橋塔的觀點
若未來相關立法方向持續推進,市場資金可能逐步出現重新配置。
01
資金可能從收購 Existing Homes 轉向開發 BTR
過去大型機構可直接購買大量單戶住宅作為出租資產。未來若收購受限,更多機構可能轉向:
- 自行開發
- 與開發商合作
- 投資 Build-to-Rent 社區
資金來源並未消失,而是流向不同的產品。
02
BTR 供給的重要性進一步提升美國住房仍存在長期供給不足問題
Build-to-Rent 能:
- 增加住宅供給
- 提供家庭型租賃產品
- 不直接與首購族競爭既有房源
因此,更符合目前政策鼓勵增加住房供應的方向。
03
開發品質將成為競爭關鍵
當更多資金投入 Build-to-Rent 後,市場焦點將不只是「有沒有房子」,而是:
- 社區規劃
- 建築品質
- 管理能力
- 租戶體驗
未來能否打造高品質、可長期持有的住宅社區,將成為開發商的重要競爭力。
橋塔長期專注於 Build-to-Rent(BTR)住宅開發,從土地取得、社區規劃、住宅建設,到租賃營運皆採垂直整合模式。我們認為,無論 ROAD to Housing Act 最終是否正式立法,其所反映出的政策方向已相當明確:鼓勵新增住宅供給,而非大量收購既有住宅。隨著美國住房需求持續存在,以及機構資金對住宅資產的配置需求不減,Build-to-Rent 有望持續扮演連結住房供給與長期投資的重要角色。
Bridge Tower 橋塔集團成立於 2013 年,總部位於美國德州達拉斯,是一家垂直整合型房地產投資與開發公司,業務涵蓋土地開發、住宅建設、資產管理、租賃營運與基金管理。
橋塔集團也榮獲2025全美建商排名 Builder 100 + Next 100 第 121 名,並持續在美國高人口成長、高就業成長的城市布局住宅開發項目。
若您有意與橋塔合作投資,或認識其他合資格投資人希望了解更多相關機會,歡迎透過電子信箱 [email protected] 或下方連結與我們聯繫,我們將提供更多資訊。
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