What's in the housing affordability bill that Trump refused to sign

Key Points:

• A landmark bipartisan housing bill aims to address the U.S. housing crisis by boosting supply through measures like streamlining environmental reviews, easing restrictions on manufactured homes, expanding access to small-dollar mortgages, and limiting institutional investors from owning more than 350 single-family homes.
• The bill does not include new spending but focuses on removing regulatory barriers to encourage local communities and the private sector to build more housing, addressing a shortage estimated at nearly seven million units and rising home prices and mortgage costs.
• Former HUD Secretary Shaun Donovan highlights that the bill is the most comprehensive housing legislation in decades, emphasizing that its success depends on effective local implementation by mayors, governors, and state legislatures.
• While some critics, including President Biden, suggest the bill may have limited impact compared to interest rate changes, Donovan argues that long-term supply issues require structural reforms and that provisions like modernizing manufactured housing codes could be transformational.
• Donovan stresses that solving the housing crisis will take time and coordinated effort beyond Congress, involving local governments and the private and nonprofit sectors to make meaningful improvements in housing affordability.