US Senate passes bipartisan bill to lower housing costs

The US Senate has passed the bipartisan 21st Century Road to Housing Act, a measure aimed at lowering housing costs. The bill, which passed with an 85-5 vote, seeks to boost housing supply by waiving some federal permitting rules and facilitating new construction. It also includes provisions to limit investors' ability to purchase homes, specifically banning those who already own 350 or more single-family properties from buying additional ones. Additionally, the act authorizes pilot programs for grants related to home improvements and affordable housing planning. This legislation now moves to the House of Representatives for consideration.

The Senate is poised to pass a bipartisan housing bill aimed at increasing housing supply and lowering prices. This legislation, a result of extensive negotiations, bans corporate investors from purchasing single-family homes. Key provisions include streamlining environmental reviews, providing funding to local governments for building more housing, and expanding financing for manufactured homes. The bill also addresses disaster recovery programs with a three-year authorization. Supporters believe it's a significant step towards tackling the affordable housing crisis. The House is expected to give final approval, and President Trump has indicated his support.