US lawmakers advance bill to reduce housing costs

A bipartisan bill to speed housing construction and limit large investors cleared a Senate procedural vote 89-9; the House passed its own version and the two chambers must reconcile differences before it can reach the president.

Lawmakers in Washington are moving forward with bipartisan legislation intended to make housing more affordable. The bill aims to speed and lower the cost of building new homes and to modernize rules for factory-built housing. It would also restrict large investment groups from buying additional single-family homes, a measure backed by President Donald Trump. Sponsors include Republican Senator Tim Scott and Democratic Senator Elizabeth Warren, and the Senate cleared a procedural hurdle by an 89-9 vote. Key facts: - The Senate cleared a procedural vote on the bill by an 89-9 margin, and passage in the Senate is expected in coming days. - The House passed its own version by a similar margin; the two chambers must resolve differences before the measure can be sent to the president. - The legislation would overhaul regulations to make it faster and cheaper to build new housing and would modernize rules governing factory-built homes. - The bill would ban large investment groups from buying more single-family homes, and several industry groups expressed broad support while objecting to a provision that would require institutional investors to sell newly built rental housing after seven years. - A Senate provision barring the creation of a federal digital currency is included and could complicate the bill’s path, and economists cited in reporting say the U.S. has an estimated shortage of about 4 million homes after years of underbuilding. Summary: If enacted, the bill aims to increase housing supply and change ownership rules for large investors while updating construction and factory-built housing rules. The measure has drawn broad support from industry groups but faces objections to specific provisions; the House and Senate must reconcile differences before the final bill can reach the president.