Housing Affordability Bill Advances
A significant housing affordability initiative is moving closer to becoming law after President Trump backed crucial elements just a day before the vote.
The legislation passed with an impressive 396-13 vote on Wednesday, showcasing a strong bipartisan effort to tackle the housing affordability issue by increasing housing supply.
As a revised version of the 21st Century ROAD to Housing Act, which received Senate approval in March, the bill aims to address the housing crisis through various measures. These include expanding financing options for new housing projects, encouraging local governments to relax permitting regulations, boosting the availability of manufactured homes, and placing restrictions on Wall Street’s acquisition of single-family properties—a particularly contentious aspect of the package.
Earlier this year, Trump signed an executive order that limited the ability of private equity firms to acquire single-family homes. The White House signaled that the legislation would need to include provisions on this matter for it to receive presidential approval.
The Senate advocated for broader language to restrict what are called institutional investors, proposing fewer exceptions and a rule that properties constructed by large landlords for long-term renting must be sold to individual buyers after seven years.
On the other hand, the House aimed to reduce much of that language, ultimately passing a version of the housing package that aligned more closely with the Senate’s viewpoint on large investors while removing the requirement for divesting build-to-rent homes.
Despite originally backing the Senate’s version, the White House officially endorsed the House’s changes on Wednesday and urged the Senate to move forward with the bill.
The efforts in both chambers reflect a growing urgency in Washington to confront America’s housing affordability crisis. If the measures pass, they could represent one of the most comprehensive federal housing initiatives seen in decades.
Now, the House and Senate need to resolve their differences before sending the bill to the president.
Earlier this month, Trump expressed support for the Senate version via social media, stating that the measure “would ensure that homes are for people, not corporations.”
