Bipartisan housing bill aims to boost homeownership. Could it work?
Summary
A new bipartisan housing bill called the "21st Century ROAD to Housing Act" is set for a Senate vote. It aims to make buying a home easier and cheaper by increasing the supply of affordable housing and limiting how many single-family homes investors can buy. President Trump supports the bill and plans to sign it into law if passed.Key Facts
- The bill aims to increase affordable housing by removing building rules and encouraging more home construction.
- It would limit institutional investors to owning no more than 350 single-family homes nationwide.
- Investors who already own more than 350 homes would not have to sell any if the bill becomes law.
- The bill includes a $200 million per year grant fund for five years to help local governments build more homes.
- It also proposes programs to convert empty commercial buildings into affordable homes and support factory-built housing.
- Home prices in the U.S. have risen sharply since 2011 due to more demand than homes being built.
- The median home price is about $403,000, and many Americans need a high income to afford this.
- Institutional investors own a small share of all homes but a bigger share in some cities, such as Jacksonville, Florida.
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