Relief for the Housing Crisis: Senate Approves Historic Package to Reduce Housing Costs by an Overwhelming Majority

On Monday, the Senate overwhelmingly approved a bipartisan housing package, advancing legislation designed to address rising housing costs and expand the housing supply in the country, which now moves to the House of Representatives, where lawmakers are expected to pass it before sending it to President Donald Trump for his signature. The bill, which was sponsored by Republican Senator Tim Scott and Democratic Senator Elizabeth Warren, passed with a final vote of 85 in favor and 5 against. The legislation was also coordinated by Democratic Representative Maxine Waters and Republican Representative French Hill in the House of Representatives.

Known as the 21st Century ROAD to Housing Act, the legislation brings together more than 45 different proposals submitted by lawmakers from both chambers. Its provisions include measures aimed at streamlining certain construction projects by reducing environmental review requirements, promoting the rehabilitation of older homes, and incentivizing local communities to build more housing.

One of the most hotly debated sections focused on restrictions on institutional investors purchasing single-family homes. The final compromise prevents companies that already own more than 350 single-family homes from acquiring additional properties.

In defending the bill, Scott argued that the housing market is making it increasingly difficult for young Americans to reach traditional milestones in their lives , explaining that “They’re delaying marriage, they’re delaying having kids, they’re delaying putting down roots. Not because they lack ambition but because housing prices are too darn high and housing supply too low.”

Both Scott and Warren highlighted the bipartisan cooperation that made it possible to pass the legislation. “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 either,” Warren said on the Senate floor before the vote.