US Senate passes bipartisan bill to lower housing costs | US Senate
The Senate on Monday passed a bipartisan measure aimed at lowering housing costs by streamlining construction and permitting, ending months of fraught negotiations over priorities for both parties ahead of midterm elections in November.
The 21st Century Housing Pathway Act would limit investors’ ability to purchase homes, waive some federal permitting rules to make new construction easier, and authorize pilot programs to facilitate grants for home improvements and affordable housing planning. It passed the Senate overwhelmingly, 85-5, and now heads to the House of Representatives.
The legislation comes as Democrats and Republicans prepare for midterm elections in November, where concerns about affordability will loom large in the minds of voters who will decide control of Congress during the final two years of Donald Trump’s term.
The lack of new home construction is seen as the main reason for rising housing costs in recent years. Last year, House and Senate lawmakers began working on legislation that could win the bipartisan support needed for passage, but ultimately produced conflicting bills, creating an unusual standoff between the chambers.
The version the Senate approved Monday combines aspects of both chambers’ bills and includes language banning investors from buying single-family homes if they already own 350 or more properties; Trump is trying to prevent this. There are also provisions to expand access to manufactured homes and increase mortgage availability.
“This bill is the culmination of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers and help more Americans achieve the dream of homeownership,” said Tim Scott, the Republican chairman of the Senate banking committee, who played a key role in implementing the bill.
Her Democratic counterpart, Elizabeth Warren, said: “The historic 21st Century Housing Pathway Act will address our nation’s housing crisis by increasing housing supply, lowering costs, and stopping private equity from buying homes for the first time.”
Maxine Waters, the top Democrat on the House financial services committee, called the bill “not the end goal, but an important step forward.”
“Congress has finally recognized the need to prioritize housing affordability, and this bill is an important step toward reducing costs for Americans. But the passage of this legislation should not mean the end of our affordable housing advocacy in Congress. I will not stop, and I urge my colleagues in both chambers not to stop,” he said.
The bill’s passage comes as Senate Republican leaders grapple with a series of new demands from Trump that are disrupting their legislative agenda. Last week, he deflected the confirmation of Jay Clayton, his nominee for director of national intelligence, stalling parallel efforts to reauthorize the Foreign Intelligence Surveillance Act (Fisa), a key tool for U.S. intelligence agencies.
He also demanded that Fisa’s renewal be accompanied by the passage of the Save America Act, which would impose new restrictions on voters across the country and is opposed by Democrats.
