Key facts
- The Senate voted 87-8 to begin considering a bipartisan housing bill.
- The bill includes provisions to limit institutional investors' ability to purchase single-family homes.
- Senator Tim Scott stated the bill aims to lower costs and expand housing supply.
- Eight Republican senators voted against advancing the measure.
The Senate voted 87-8 on Tuesday to begin considering a bipartisan housing bill, marking a significant legislative achievement after months of negotiations between the House and Senate. The agreed-upon version includes language sought by House Republicans to limit institutional investors' purchases of single-family homes. Senator Tim Scott (R-S.C.), a key proponent, stated the bill aims to lower costs, expand housing supply, and facilitate homeownership. This bipartisan effort is seen as particularly noteworthy given the partisan gridlock that has stalled much legislation. Republicans and Democrats are reportedly looking to make housing affordability a central theme in their campaigns for the upcoming midterms. The Senate is expected to hold a final vote later this week, after which the bill must pass the House before reaching President Trump's desk. Eight Republican senators voted against advancing the measure.