The Senate on Monday passed a bipartisan measure aimed at lowering housing costs by streamlining construction and permitting, ending months of fraught negotiations on a priority for both parties ahead of November’s midterm elections. The 21st Century Road to Housing Act would limit investors’ ability to buy homes, waive some federal permitting rules to ease new construction, and authorize pilot programs to facilitate grants for home improvements and planning affordable housing.
The legislation targets a key driver of the housing crisis: institutional investors snapping up single-family homes. By restricting such purchases and reducing regulatory red tape, the bill aims to boost supply and make homeownership more attainable for individual buyers. It also includes provisions for affordable housing planning grants.
The bill passed with an overwhelming 85-5 vote, reflecting rare cross-party unity on an issue that polls show resonates with voters. Lawmakers from both parties emphasized the need to address rising home prices, though some conservatives expressed concerns about government intervention in housing markets.
Public opinion broadly favors action on housing affordability, with constituents in suburban and swing districts particularly affected. The bill now heads to the House, where its fate remains uncertain amid competing priorities and a tight legislative calendar before the midterms.
Analysts note that the bill's bipartisan support in the Senate bodes well for its chances, but House Republicans may push for more aggressive deregulation or seek to strip investor limits. The outcome will test whether Congress can deliver on a kitchen-table issue before the elections.