House approves major housing affordability bill, sending measure to Trump

Lawmakers have passed a landmark housing affordability bill, a rare bipartisan success story as they aim to tackle rising costs before the midterm elections. The House approved the 21st Century ROAD to Housing Act with a decisive 358-to-32 vote on Tuesday, following overwhelming bipartisan approval in the Senate. The legislation now awaits President Trump's signature.

This bill represents months of negotiation and seeks to boost housing supply and reduce prices. Key provisions include placing limits on corporate investors buying single-family homes, expediting environmental reviews, and removing regulatory hurdles to accelerate construction. The effort was spearheaded by Sens. Tim Scott and Elizabeth Warren, and Reps. French Hill and Maxine Waters.

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This final product advances practical, bipartisan and bicameral solutions to modernize federal housing programs, reduce regulatory burdens, streamline the development process and help build more homes to meet that growing demand and keep the American dream within reach.

"This final product advances practical, bipartisan and bicameral solutions to modernize federal housing programs, reduce regulatory burdens, streamline the development process and help build more homes to meet that growing demand and keep the American dream within reach," Hill stated on the House floor. The White House has endorsed the bill, calling it "the most comprehensive and consequential housing legislation in the history of our country."

However, the actual impact of the provision limiting corporate investors on affordability remains debated. The Urban Institute notes that large institutional investors own a small fraction of single-family rentals. Many economists also argue that housing price surges are primarily driven by supply shortages rather than the presence of large investors.

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the most comprehensive and consequential housing legislation in the history of our country.