A housing bill is moving through Congress that sounds tough on Wall Street landlords but has been watered down so much it may change little.

• The Senate version would have forced big landlords owning more than 350 homes to sell them after 7 years.
• The House gutted that 7-year sale rule, calling it an attack on the free market.
• The final bill will still block big landlords from buying move-in-ready homes, but they can keep fixer-uppers and newly built rentals forever.
• Small mom-and-pop landlords are not affected at all, since the rules only hit owners of more than 350 homes.
• The bill also adds grants for home repairs, converting empty offices into apartments, and help for first-time buyers.

Outlook: The House is expected to pass the softer version on May 18, meaning the bill becomes more of a housing affordability boost than a real crackdown on corporate landlords.