The US Senate on Monday passed a bipartisan measure aimed at lowering housing costs by streamlining construction and permitting, ending months of fraught negotiations on a priority for both parties ahead of November's midterm elections.
Key Provisions of the Bill
The 21st Century Road to Housing Act would limit investors' ability to buy homes, waive some federal permitting rules to ease new construction, and authorize pilot programs to facilitate grants for home improvements and planning affordable housing. It passed the Senate overwhelmingly, with a vote of 85-5, and now heads to the House of Representatives.
Bipartisan Support and Political Context
The legislation comes as Democrats and Republicans prepare for November's midterm elections, in which concerns about affordability are expected to loom large. A shortfall in new home construction is seen as a key driver of rising housing costs. Last year, House and Senate lawmakers began working on legislation that could draw bipartisan support but produced competing bills, creating an unusual standoff between the chambers.
The Senate-approved version combines aspects of both chambers' bills and includes language banning investors from buying single-family homes if they already own 350 or more properties, a measure President Donald Trump has sought to crack down on. There are also provisions to expand access to manufactured homes and increase mortgage availability.
Lawmakers' Reactions
"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 home ownership," said Tim Scott, the Republican chairman of the Senate banking committee, who played a major role in seeing the bill through.
His Democratic counterpart, Elizabeth Warren, said: "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."
Maxine Waters, the top Democrat on the House financial services committee, called the bill "an important step forward, not the final destination." She added: "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."
Broader Legislative Dynamics
The bill's passage comes as the Senate's Republican leaders grapple with a slew of new demands from Trump that have disrupted their legislative agenda. Last week, he derailed the confirmation of Jay Clayton, his nominee for director of national intelligence, which halted a parallel effort to reauthorize the Foreign Intelligence Surveillance Act (Fisa), a key tool for US intelligence agencies. He simultaneously demanded that Fisa's renewal be coupled with passage of the Save America Act, which would impose new restrictions on voters nationwide and is opposed by Democrats.
