Senate passes bipartisan housing affordability bill by Warren and Scott

The Senate approved the 21st Century ROAD to Housing Act in an 89-10 vote; the 303-page bill includes grants, pilot programs, regulatory changes to speed construction, and limits on large institutional purchases of single-family homes. The measure will return to the House, and its final outcome there is uncertain.

The Senate passed a wide-ranging housing bill aimed at increasing supply and lowering costs. The 21st Century ROAD to Housing Act was written by Sens. Tim Scott and Elizabeth Warren and passed 89-10. The 303-page package creates grants and pilot programs and revises federal rules to encourage more housing units. It also includes a provision limiting certain purchases of single-family homes by large institutional investors. Key points: - Vote outcome: The Senate approved the measure by an 89-10 margin. - Policy measures: The bill creates grants and pilot programs for housing construction and revises federal definitions to encourage more units. - Administrative changes: It seeks to reduce HUD inspection delays and directs HUD and the Department of Agriculture to coordinate environmental reviews for some rural projects. - Investor limits: A section called "Homes Are For People, Not Corporations" prohibits large institutional investors from buying certain single-family homes and includes a rule requiring major investors who build or own at least 350 single-family homes to sell after seven years. - Political context: The bill won rare bipartisan support in the Senate but must return to the Republican-controlled House, where its passage is uncertain; officials have given differing accounts of White House priorities on the matter. - Industry and Senate reaction: Some lawmakers and industry voices pushed back on the seven-year sell requirement, with at least one senator calling that provision unusually broad. Summary: The vote marks an uncommon bipartisan agreement on housing policy and could change how single-family homes are acquired by large investors. The bill must go back to the House for further action, and its final passage and path to the president's desk remain uncertain.