In a rare display of bipartisan agreement, Congress has approved sweeping housing legislation designed to make homeownership more attainable and curb the growing influence of large institutional investors in the single-family housing market.
The House of Representatives voted 358-32 on Tuesday to pass the Senate-approved 21st Century Road to Housing Act, sending the measure to President Donald Trump’s desk. The Senate had approved the bill just one day earlier by an overwhelming 85-5 margin.
Trump is expected to sign the legislation during a visit to the Capitol on Wednesday, capping off months of negotiations that drew support from lawmakers across the political spectrum.
Supporters argue the bill addresses one of the most pressing economic concerns facing American families: the cost and availability of housing. The legislation combines several approaches, including restrictions aimed at preventing institutional investors from buying up large numbers of single-family homes, efforts to reduce regulatory barriers to new construction, and measures intended to increase access to mortgage lending.
Rep. Mike Lawler of New York said the bill tackles the issue from multiple angles.
“Bottom line is we need more housing and this bill, working together, does just that,” Lawler said during floor debate.
“It eases regulations. It creates greater access to capital. It provides more accountability at HUD, but ultimately it increases supply, which will have a profound impact on Americans across this country.”
The broad support surprised many observers given the current political climate. Rep. Jim Himes of Connecticut noted the unusual nature of such a large bipartisan coalition forming around a major piece of legislation.
“We are actually getting something done, and we’re getting something done that is really important,” Himes said.
“We have a crisis of housing in this country … and while this won’t fix everything, this is a huge step in the right direction.”
Senate Banking Committee Chairman Tim Scott described the legislation as both a policy achievement and a personal issue. Scott recalled watching his mother work to secure stable housing for their family in South Carolina and said the bill would help more Americans pursue the same goal.
The legislation also received praise from Sen. Elizabeth Warren, who highlighted a provision aimed at limiting private-equity involvement in the housing market.
According to Warren, the measure will, for the first time, stop private-equity firms from purchasing single-family homes in ways that critics argue have contributed to rising prices and reduced inventory for families looking to buy.
Beyond investor restrictions, the bill extends the Community Development Block Grant-Disaster Recovery program for three years, providing additional support for communities recovering from federally declared disasters. It also includes banking reforms designed to make it easier for smaller financial institutions to participate in mortgage lending.
