Bipartisan housing bill clears Congress as cost of living surges

Key Points:

• The House of Representatives passed the bipartisan 21st Century Road to Housing Act on June 23 with a 358-32 vote, following Senate approval, aiming to address the U.S. housing crisis by streamlining construction regulations, promoting local innovation, and limiting investor home purchases.
• The bill, expected to be signed by President Donald Trump, represents a rare bipartisan effort ahead of the midterm elections, reflecting growing voter frustration with high housing costs and a nationwide shortage of millions of homes.
• Key provisions include easing federal regulations on manufactured housing to reduce construction costs and restricting large investors owning 350 or more properties from buying additional homes, although experts believe broader state and local actions are also necessary.
• The legislation was championed by bipartisan leaders including Rep. French Hill, Rep. Maxine Waters, Sen. Elizabeth Warren, and Sen. Tim Scott, and is seen as a significant first step toward addressing affordability challenges exacerbated by a decade-long decline in new home construction since 2008.
• Despite the bill's passage, housing affordability remains a complex issue with rising median home prices and a growing number of cost-burdened renters and owners, underscoring the need for continued efforts beyond federal legislation.