Senate Passes Bipartisan Housing Bill to Boost Supply, Lower Costs

Key facts

• The Senate passed the 21st Century Road to Housing Act with an 85-5 vote.
• The bill aims to lower housing costs by boosting supply and reducing federal regulations.
• It limits investors to owning a maximum of 350 single-family homes.
• The legislation streamlines construction and permitting processes.
• The bill now moves to the House of Representatives.

The U.S. Senate has passed the 21st Century Road to Housing Act, a bipartisan bill designed to address housing affordability by increasing supply and reducing federal regulations. The legislation, which passed overwhelmingly with an 85-5 vote, includes measures to limit large investors to owning no more than 350 single-family homes and aims to expedite construction by waiving certain federal permitting rules. This bill consolidates numerous measures previously passed by both chambers and comes as affordability concerns are expected to be a significant factor in the upcoming midterm elections.

Proponents, including Senate Banking Committee Chairman Tim Scott, emphasized the bill's role in lowering costs, expanding supply, and cutting red tape. Senator Elizabeth Warren highlighted its potential to stop private equity from acquiring large numbers of homes. The bill now proceeds to the House of Representatives for consideration, with expectations that it will be sent to President Donald Trump for his signature.

The passage occurs amidst broader legislative challenges, including disruptions to other Senate agendas related to national security legislation. The housing bill's focus on affordability and supply addresses a key economic concern for voters.