In news that is actually shocking, the Senate managed to pass a bipartisan bill intended to address the nation’s housing crisis.
CBS News reports that the Senate passed the 21st Century ROAD to Housing Act in an 85-5 vote. The ROAD to Housing Act takes several steps to address the ongoing housing crisis, including removing certain regulations and preventing institutional investors from buying single-family homes. That last part was a major selling point for President Donald Trump, which is likely why there is such significant bipartisan support for the bill. Sen. Elizabeth Warren and Sen. Tim Scott, two of the top-ranked members of the Senate Banking Committee, worked for over a year to iron out the bill’s details.
“There is so much in this bill,” Warren said. “Each piece, directing us toward increasing the supply of housing, bringing down the cost, and making housing something that is not just a Wall Street investment, but is actually there for American families.”
From CBS News:
The bill represents the most sweeping housing legislation in decades. Sen. Tim Scott of South Carolina, the chairman of the Senate Banking Committee, said in a statement that it was the result of “years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership.”
“Now it is time to move forward, get this bill across the finish line, and deliver real relief for the American people,” Scott said.
Speaking from the Senate floor last week, Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Banking Committee, outlined some of the bill’s more than 45 housing provisions. The legislation would remove some regulatory barriers and streamline environmental reviews to increase development of affordable housing; update chassis requirements for manufactured housing; create an innovation fund for communities increasing housing supply; and support housing opportunities for veterans, among other things.
Source: Senate Passes Affordable Housing Reform Bill In Rare Display Of Bipartisanship
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