Senate passes housing legislative package in overwhelming bipartisan fashion
Summary
The Senate approved the 21st Century Road to Housing Act with a strong bipartisan vote of 85-5. The bill aims to increase the supply of homes and make housing more affordable by easing construction rules and limiting big investors buying homes for profit. The legislation now goes to the House, where it is also expected to pass, before heading to President Donald Trump to become law.Key Facts
- The Senate passed the housing bill with an 85-5 vote.
- The bill seeks to fix the housing shortage by encouraging more home building.
- It limits Wall Street investors from buying homes that could go to families.
- The law offers grants to convert empty buildings into affordable housing.
- A study showed the US lacks 3.7 million housing units, contributing to high costs.
- The cost of a starter home is $1 million or more in 242 cities, according to Zillow.
- Supporters say the bill offers real bipartisan action to help Americans buy homes.
- Some senators oppose the bill, saying housing regulations should be handled locally, not by the federal government.
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