Trump cancels signing of landmark bipartisan bill aimed at lowering housing costs
Summary
President Donald Trump canceled the signing of a housing bill that was passed by both parties in Congress to lower housing costs and increase the supply of homes. He said he will not sign it until a separate voter ID law passes, but if he does nothing, the housing bill will become law after ten days.Key Facts
- The bill is called the 21st Century ROAD to Housing Act and aims to reduce housing costs and increase home supply.
- The bill passed Congress with support from both Democrats and Republicans.
- President Trump postponed the signing because he wants a voter ID law, called the SAVE AMERICA ACT, passed first.
- If the president does not sign or veto the bill within ten days, it will automatically become law.
- The bill includes over 40 measures to address housing problems, such as making it easier to build homes and limiting how many single-family homes investors can buy.
- The U.S. had a shortage of more than 4 million housing units last year.
- The median home price in the U.S. is about $403,000, while most families earn much less than the $117,000 needed to afford an average home.
- High inflation and interest rates have made owning a home harder for many Americans.
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