The U.S. Senate has passed a bipartisan housing bill aimed at improving housing affordability and increasing housing supply across the country, according to reporting from NPR.
The legislation, which passed with an 89-10 vote, combines several housing policy initiatives, including efforts to encourage new construction, expand affordable housing investment, streamline development regulations, and limit the role of large institutional investors in the single-family housing market.
One of the bill's most notable provisions would prevent investors that own 350 or more homes from purchasing additional single-family properties, with some exceptions. The measure is intended to make it easier for individual homebuyers to compete in the housing market. However, researchers and industry groups remain divided on how much institutional investors contribute to rising housing costs compared with broader factors such as housing shortages and population growth.
The legislation also seeks to boost housing supply through regulatory reforms and incentives for new development. Supporters argue that increasing the number of available homes is essential to addressing affordability challenges, particularly as housing prices remain out of reach for many households.
Another component of the bill focuses on manufactured housing. Proposed changes would remove certain construction requirements that industry experts say add costs and limit design flexibility. Advocates believe the reforms could make factory-built homes a more viable source of affordable housing.
The bill would also expand opportunities for banks and private lenders to invest in affordable housing projects by increasing limits on certain housing-related investments. Industry organizations have suggested that the change could unlock additional capital for affordable rental development.
While the legislation received broad bipartisan support in the Senate, some industry groups have raised concerns about restrictions on build-to-rent housing developments and other provisions that could affect future housing construction.
The Senate and House versions of the legislation still contain differences that lawmakers will need to reconcile before a final bill can be sent to President Donald Trump.
Source: NPR
