The U.S. Senate on Monday passed the 21st Century Road to Housing Act in an overwhelming 85-5 vote. This bipartisan measure, the first major housing legislation since the financial crisis, now heads to the House of Representatives for a final vote. The House is expected to advance the sprawling package this week.
The legislation is designed to lower housing costs by boosting the overall supply of homes. To facilitate this, the act would streamline construction and permitting by waiving some federal rules. Additionally, the bill authorizes pilot programs to provide grants for home improvements and the planning of affordable housing.
To prevent large investors from outbidding families, the act would limit the ability of institutional investors to buy more than 350 single-family homes. The bill's passage follows weeks of intense negotiations and a rare bipartisan consensus as lawmakers from both parties sought to address housing affordability ahead of the November midterm elections.