What happened
The Senate on Monday approved legislation intended to lower the cost of housing by increasing supply, cutting regulations and limiting the number of single-family homes owned by large institutional investors. The bipartisan 21st Century ROAD to Housing Act passed 85-5 and is expected to clear the House as soon as Tuesday.
It’s the “biggest housing bill in more than 30 years,” said Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Banking Committee. Committee Chair Tim Scott (R-S.C.) said the legislation will “help more Americans achieve the dream of homeownership.”
Who said what
The vote was a “rare bipartisan legislative achievement” as “lawmakers in both parties try to address housing costs in an election year,” The Associated Press said. The “final bill has received widespread support in the housing community,” both from landlords and “groups that advocate for tenants and low-income renters.” But “housing economists and researchers” expect it to have “little impact when it comes to bringing housing prices down,” The Washington Post said, though some provisions should “make meaningful progress toward improving supply and affordability.”
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“There is no magic wand that will fix this crisis overnight,” David Dworkin, chief executive of the National Housing Conference, told the AP. “But this bill is a significant down payment on a long-term effort to make housing more affordable for all Americans.”
What next?
Senate approval is “expected to set the legislation on a glide path to President Donald Trump’s desk for signature as soon as this week,” Politico said.
