U.S. Senate passes bipartisan housing bill 85-5 to lower housing costs and increase supply

What Happened

The Senate on Monday approved legislation designed to reduce housing costs by increasing supply, cutting regulations, and limiting the number of single-family homes owned by large institutional investors. The bipartisan 21st Century ROAD to Housing Act passed by a vote of 85-5 and is expected to clear the House as soon as Tuesday.

Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Banking Committee, called it the "biggest housing bill in more than 30 years." Committee Chair Tim Scott (R-S.C.) said the legislation will "help more Americans achieve the dream of homeownership."

Who Said What

The vote was described as a "rare bipartisan legislative achievement" as "lawmakers in both parties try to address housing costs in an election year," according to The Associated Press. The "final bill has received widespread support in the housing community," from both landlords and "groups that advocate for tenants and low-income renters."

However, The Washington Post reported that "housing economists and researchers" expect the bill to have "little impact when it comes to bringing housing prices down," though some provisions should "make meaningful progress toward improving supply and affordability."

David Dworkin, chief executive of the National Housing Conference, told the AP: "There is no magic wand that will fix this crisis overnight. But this bill is a significant down payment on a long-term effort to make housing more affordable for all Americans."

What Next

Senate approval is "expected to set the legislation on a glide path to President Donald Trump's desk for signature as soon as this week," Politico reported.