The House of Representatives passed a bill on Tuesday aimed at reducing housing costs in the U.S. by prohibiting institutional investors from purchasing single-family homes. This legislation, known as the revamped 21st Century Road to Housing Act, received overwhelming bipartisan support, passing the House with a vote of 358-32, following an 85-5 approval in the Senate on Monday. President Trump is set to sign the bill into law during his visit to the Capitol on Wednesday.
Rep. Mike Lawler (R-NY) emphasized the significance of the bill, stating, “Bottom line is we need more housing and this bill, working together, does just that.” He noted that the legislation eases regulations, enhances access to capital, and increases housing supply, sparking hopes for a positive impact on Americans nationwide.
Rep. Jim Himes (D-Conn.) highlighted the bipartisan agreement, calling the support for the housing bill “remarkable” in today's politically divided climate. He stated this legislation represents a significant step towards remedying the housing crisis that the nation faces, although he acknowledged it would not solve every issue.
Senate Banking Committee Chairman Tim Scott (R-SC) expressed that the bill aims to lower costs, expand the housing supply, reduce bureaucratic hurdles, protect taxpayers, and facilitate homeownership for Americans. Meanwhile, Sen. Elizabeth Warren (D-Mass.) characterized the measure as “historic,” citing its role in preventing private equity from acquiring homes for the first time.
The bill not only targets private investor purchases but also extends the Community Development Block Grant-Disaster Recovery program to assist cities recovering from disasters. Following initial concerns from GOP members regarding Warren’s authorship of the Senate bill, key provisions from the House's previous version were integrated, ultimately securing broad support.
SOURCES: New York Post | Facebook Florida Hillbilly
