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The Senate voted 85-5 on Monday to approve the bipartisan 21st Century ROAD to Housing Act, sending the measure to the House for final consideration before it can be sent to President Donald Trump for his signature.
The legislation is designed to address housing affordability by increasing the nation’s housing supply, reducing regulatory barriers, and expanding opportunities for homeownership. Lawmakers from both parties have pointed to rising home prices and limited inventory as key challenges facing American families.
“[This bill is the result of] years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership,” South Carolina Republican Sen. Tim Scott said in a statement.
“Now it is time to move forward, get this bill across the finish line, and deliver real relief for the American people,” he added.
One of the bill’s most notable provisions would restrict certain purchases of single-family homes by large institutional investors. Supporters argue that limiting investor competition in parts of the housing market could help make homes more accessible and affordable for individual buyers.
“Today’s bipartisan vote is an important step toward addressing America’s housing affordability crisis and giving families across this country a fair shot at the American Dream,” Scott and Sen. Elizabeth Warren (D-Mass.) released in a statement.
“This bill reflects years of work and priorities from the White House, Senate, and House to build a housing affordability package that puts families first, increases supply, expands access to affordable housing, and addresses the housing crisis. This is a strong, bipartisan, bicameral product that can pass both chambers and become law. We will keep working together to get this across the finish line and deliver relief for families across the country,” it added.
The House previously approved similar bipartisan legislation in May, but lawmakers must now vote on the Senate version before the measure can advance to the president’s desk.
If enacted, the bill would mark one of the most significant bipartisan housing reforms in recent years and could become a major issue heading into the November midterm elections as lawmakers seek to address affordability concerns across the country.