The Senate voted 85-5 on Monday to pass the 21st Century Road to Housing Act, with Republican Sens. Ron Johnson, Mike Lee, Rand Paul, Rick Scott, and Tommy Tuberville voting against it. The legislation heads to the House, marking the most far-reaching housing reform in decades.
The bill targets the nation's housing shortage through two main mechanisms: loosening regulations to encourage construction and restricting Wall Street investors from purchasing homes that could otherwise go to families. A government-sponsored housing enterprise estimated the U.S. faces a shortfall of 3.7 million housing units. The legislation also provides grants to convert vacant buildings into affordable housing.
The timing reflects urgency around affordability. A recent analysis found the cost of buying a starter home reached $1 million or more in a record 242 cities across the country. By increasing housing supply, the bill aims to lower prices for Americans seeking homeownership.
Senate Banking Committee Chairman Tim Scott, a Republican from South Carolina, framed the legislation as expanding opportunity for first-time buyers. "When you put more housing supply on the market, more people have a chance to become first-time homebuyers," he said. "Today, the average first-time homebuyer is 40 years old. That is just too old."
The approach relies on supply-side economics: more homes available for purchase should reduce prices and create pathways to ownership for younger Americans currently priced out of markets.
Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, expressed unusual pride in the chamber's work. "Today's vote proves that it is possible to find bipartisan common ground on legislation that actually helps the American people, and importantly, it proves that bipartisan legislation doesn't have to be the weakest, most milquetoast agreement that doesn't offend anyone or do too much to help anyone," she said on the Senate floor before the vote.
Warren added, "I don't say this a lot, but today I'm proud to be a member of the United States Senate."
Rick Scott argued that federal action cannot meaningfully reduce housing costs. "Most of regulation with respect to housing is not at the federal level. It's at the local level, what cities and counties are doing. The federal government cannot drive the cost of housing down," he said on Fox News' Saturday in America. He cited budget deficits and interest rates as the primary drivers of housing affordability rather than federal regulation.
The House is expected to pass the bill with similar bipartisan support as early as Tuesday night when members return from their recess break.
The Senate voted 85-5 on Monday to pass the 21st Century Road to Housing Act, sending the legislation to the House and marking the most far-reaching housing reform in decades. The overwhelming margin reflects a rare moment of agreement between parties on a domestic policy issue that has dominated midterm campaign messaging across the country.
The bill targets the nation's housing shortage through two main mechanisms: loosening regulations to encourage construction and restricting Wall Street investors from purchasing homes that could otherwise go to families. A government-sponsored housing enterprise estimated the U.S. faces a shortfall of 3.7 million housing units. The legislation also provides grants to convert vacant buildings into affordable housing.
The timing reflects urgency around affordability. A recent analysis found the cost of buying a starter home reached $1 million or more in a record 242 cities across the country. By increasing housing supply, the bill aims to lower prices for Americans seeking homeownership.
Senate Banking Committee Chairman Tim Scott, a Republican from South Carolina, framed the legislation as expanding opportunity for first-time buyers. "When you put more housing supply on the market, more people have a chance to become first-time homebuyers," he said. "Today, the average first-time homebuyer is 40 years old. That is just too old."
The approach relies on supply-side economics: more homes available for purchase should reduce prices and create pathways to ownership for younger Americans currently priced out of markets.
Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, expressed unusual pride in the chamber's work. "Today's vote proves that it is possible to find bipartisan common ground on legislation that actually helps the American people, and importantly, it proves that bipartisan legislation doesn't have to be the weakest, most milquetoast agreement that doesn't offend anyone or do too much to help anyone," she said on the Senate floor before the vote.
Warren added, "I don't say this a lot, but today I'm proud to be a member of the United States Senate."
Five Republican senators voted against the bill: Ron Johnson of Wisconsin, Mike Lee of Utah, Rand Paul of Kentucky, Rick Scott of Florida, and Tommy Tuberville of Alabama. Scott argued that federal action cannot meaningfully reduce housing costs. "Most of regulation with respect to housing is not at the federal level. It's at the local level, what cities and counties are doing. The federal government cannot drive the cost of housing down," he said on Fox News' Saturday in America. He cited budget deficits and interest rates as the primary drivers of housing affordability rather than federal regulation.
The House is expected to pass the bill with similar bipartisan support as early as Tuesday night when members return from their recess break. Once approved by both chambers, the legislation heads to President Donald Trump's desk for signature into law.
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