US Senate passes bipartisan bill to lower housing costs

The US Senate has approved a bipartisan measure designed to tackle the nation's housing affordability crisis. The 21st Century Road to Housing Act, passed with an overwhelming 85-5 vote, aims to lower housing costs by accelerating construction and simplifying permitting procedures.

“

This bill is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership.

This legislation comes at a critical time, as both parties gear up for the November midterm elections where housing affordability is expected to be a major concern for voters. The bill introduces several key provisions, including restrictions on investors buying single-family homes if they already own 350 or more properties. It also waives certain federal permitting rules to facilitate new construction and authorizes pilot programs for home improvement grants and affordable housing planning.

“

The historic 21st Century Road to Housing Act will address our nation’s housing crisis by boosting housing supply, bringing down costs, and for the first time ever stopping private equity from buying up homes.

Supporters of the bill highlighted its potential to increase housing supply and reduce costs. Senator Tim Scott, a key figure in the bill's passage, stated it was the result of years of work to "lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership." Senator Elizabeth Warren echoed this sentiment, calling it "historic" and emphasizing its role in "stopping private equity from buying up homes."

“

an important step forward, not the final destination.

Maxine Waters, a leading Democrat on the House financial services committee, acknowledged the bill as an "important step forward" but stressed that advocacy for affordable housing must continue. The bill's passage occurs amidst broader legislative challenges for Senate Republicans, including recent disruptions to their agenda influenced by demands from former President Donald Trump.

“

Congress has finally woken up to the need to prioritize housing affordability and this bill is an important step to reducing costs for Americans. However, the enactment of this law should not mean the end of our advocacy in Congress for affordable housing. I won’t stop and I call on my colleagues in both chambers not to stop either.