{"text":[[{"start":8.5,"text":"Donald Trump said he had cancelled the signing of a bipartisan bill aimed at boosting the supply of affordable housing in the US, in a move that sent listed home construction groups sharply higher."}],[{"start":19.95,"text":"The bill included a provision to restrict purchases of single-family homes by big Wall Street investors, a move that could curb overall demand for properties."}],[{"start":28.65,"text":"The signing was scheduled for Wednesday but the president said in a social media post it was “hereby cancelled until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency”."}],[{"start":41.25,"text":"The Save America Act is a bill Trump championed that would tighten requirements for voting in federal elections."}],[{"start":48.05,"text":"Listed housing stocks surged following the president’s post on the prospect that demand for their houses from large institutional investors might not be limited. Lennar and DR Horton each rose more than 7 per cent, while Toll Brothers gained 8.8 per cent. PulteGroup jumped 9.6 per cent and KB Home surged 17.1 per cent."}],[{"start":69.4,"text":"Trump championed the idea of restricting large institutional investors from purchasing single-family homes via an executive order earlier this year."}],[{"start":78.9,"text":"The move had been pitched as a way to help ordinary people join the property ladder by restricting competition from private equity groups such as Blackstone and Cerberus that have amassed large residential portfolios. But there are concerns the bill could limit the supply of available homes given big investors buy and renovate properties often with a view to putting them on the rental market."}],[{"start":103.25,"text":"The bill won sweeping bipartisan support in Congress on Tuesday. Without Trump’s signature it will automatically become law after 10 days, provided Congress remains in session and unless the president formally vetoes it. The latter scenario is more of a possibility than it was earlier this week."}],[{"start":120.4,"text":"“There are still a lot of off-ramps for Trump that allow this bill to become law — that’s what we continue to expect,” said Matthew Aks, senior strategist at Evercore ISI."}],[{"start":131.55,"text":"Affordability has been a focus for Trump ahead of November’s midterm elections, with voters increasingly critical of his handling of the economy."}],[{"start":139.9,"text":"The president’s approval ratings on inflation and the economy slid dramatically in May, according to an FT poll. The nationwide poll showed 68 per cent of registered voters disapproved of Trump’s handling of inflation and the cost of living, a 10-point increase from April. "}],[{"start":157.1,"text":"Alongside the institutional investor ban, the president pledged earlier this year to launch a $200bn mortgage bond-buying programme in an attempt to drive down home-buying costs."}],[{"start":168,"text":"He has also repeatedly called for the Federal Reserve to cut interest rates, although an inflation surge triggered by his Iran war has made this more difficult. "}],[{"start":178,"text":"Buying a home in the US has never been harder, with data from the National Association of Realtors showing that the typical age of a first-time buyer has increased to an all-time high of 40."}],[{"start":190,"text":"“This just doesn’t make any sense . . . it’s a complete indifference to the cost squeeze on American families and to the genuine efforts to do something about it,” progressive Democrat Senator Elizabeth Warren told CNBC shortly after Trump cancelled the bill signing."}],[{"start":205.95,"text":"“We want homes for people, not corporations,” Trump said in his State of the Union address in February."}],[{"start":219.79999999999998,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782353448_1131.mp3"}