The U.S. House of Representatives passed a bipartisan housing affordability bill on Wednesday, aiming to address the nation's housing crisis by encouraging homebuilding and limiting corporate landlords' ability to buy more than 350 houses. The bill passed with an overwhelming vote of 396 to 13.
Key Takeaways
The House passed a bipartisan housing affordability bill aimed at increasing homeownership and supply. The bill now returns to the Senate for approval.
- U.S. House passes housing affordability bill with 396-13 vote
- Bill aims to address housing crisis by encouraging homebuilding and limiting corporate landlords
- White House supports revised bill, which removes controversial provision requiring investors to sell build-to-rent homes after seven years
- Future uncertain as Senate must overcome 60-vote threshold
The legislation is an amended version of a bill previously passed by the Senate, which included provisions that would have required large-scale investors to sell their build-to-rent homes after seven years. This provision faced significant pushback from the homebuilding industry and was removed in the House's version. The White House supports the revised bill.
The bipartisan measure is seen as a potential win for both parties ahead of the midterm elections, demonstrating legislative action on housing affordability. However, its future remains uncertain as it heads back to the Senate, where it will need to overcome a 60-vote threshold and potential frustration over the House's modifications.
The bill includes various provisions aimed at increasing housing supply and reducing costs, such as deregulating factory-built homes and streamlining environmental reviews. It also preserves a ban on large institutional investors from buying new single-family homes, a priority for both President Donald Trump and progressive Democrats like Sen. Elizabeth Warren (D-Mass).
According to UPI, all 13 'no' votes were cast by Republicans. The Senate passed the original form of the bill in March, but the House stalled on it for months due to key provisions that divided Republicans. Changes led to President Trump's support, and the White House released a statement praising the bill and urging the Senate to pass the revised version.
Rep. French Hill (R-Ark.), chairman of the Financial Services Committee, stated that the bill was 'years in the making' and aimed to improve housing accessibility and affordability for Americans. The legislation is seen as a priority for both parties as housing costs continue to rise across the United States.
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