Washington — The Senate on Monday approved legislation designed to ease housing costs, advancing the measure after a significant breakthrough and an uncommon show of bipartisan agreement as affordability remains a central concern for voters ahead of the midterm elections.
Senators passed the bill in an 85-5 vote, reflecting broad support from both parties. The measure now moves to the House, where it must win approval.
Called the 21st Century ROAD to Housing Act, the proposal seeks to expand the nation’s housing supply and reduce prices, in part by restricting institutional investors from buying certain single-family homes.
The Senate had advanced an earlier version of the package in March, followed by the House’s passage of a separate version in May. Last week, the Senate Banking Committee and the House Financial Services Committee said they had reached a bicameral deal on the long-debated legislation.
The measure is being described as the most far-reaching housing bill in decades. Sen. Tim Scott of South Carolina, who chairs the Senate Banking Committee, said in a statement that the legislation reflects “years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership.”
“Now it is time to move forward, get this bill across the finish line, and deliver real relief for the American people,” Scott said.
On the Senate floor last week, Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Banking Committee, highlighted several of the bill’s more than 45 housing-related provisions. Among them are efforts to reduce regulatory hurdles and speed up environmental reviews for affordable housing projects; revise chassis standards for manufactured homes; establish an innovation fund for communities working to grow housing supply; and expand housing options for veterans.
“There is so much in this bill,” Warren said. “Each piece, directing us toward increasing the supply of housing, bringing down the cost, and making housing something that is not just a Wall Street investment, but is actually there for American families.”
The White House has pushed for the provision limiting purchases of single-family homes by institutional investors, which proponents say would benefit homebuyers by cutting competition.
The legislation now heads to the House, which is returning from recess this week and is expected to move quickly.
GOP Rep. French Hill of Arkansas, the chairman of the House Financial Services Committee, touted the adoption of “key House priorities” in the final text of the bill in a statement last week, pointing to nine community banking bills and the language limiting institutional investors.
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“This bill is a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership,” Hill said. “I look forward to President Trump signing it into law.”
Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee, also cheered the final agreement. She noted that while “no compromise is perfect, this legislation reflects meaningful progress.”
“This is an important step forward, not the final destination,” Waters said. “I look forward to continuing my work to lower housing costs, address homelessness, expand affordable housing, and ensure every family has access to a safe and stable place to call home.”
The bill’s progress marks a major and rare bipartisan achievement during an election year, and comes as Congress has been marred in recent months by gridlock and obstruction. But with the affordability issue’s continued salience for Americans, lawmakers are moving forward in bipartisan fashion as the midterm elections approach.
When the Senate advanced the bill last week, Senate Majority Leader John Thune touted the legislation as “a significant bill to make life more affordable for hardworking Americans,” while adding that “it’s just the latest item on Republicans’ agenda to address the cost of living.”
“I look forward to getting this bill through Congress in short order, sending it to the president’s desk and delivering another major win for the American people,” the South Dakota Republican said.
Senate Minority Leader Chuck Schumer said the bipartisan bill “shows Americans how we should govern,” while noting that “the fact that Democrats and Republicans were able to come together on the ROAD to Housing, at a time of such division, shows just how dire America’s housing crisis is today.”
“I’m pleased we’ve seized this opportunity to come up with a reasonable, bipartisan solution to help the American people — opportunities that have become few and far between thanks to the chaos coming out of the White House,” the New York Democrat added. “This is how Americans want Congress to govern.”
