House Passes Landmark Housing Bill with Bipartisan Support

On Tuesday, the House passed a significant housing bill by an overwhelming majority, setting the stage for President Trump to sign the most important housing legislation in 36 years. The bill’s passage, with a vote of 358-to-32, followed extensive negotiations between the House and Senate, aiming to address the country’s housing crisis by increasing the supply of new homes.

The Senate had passed its version of the bill on Monday, with an 85-to-5 vote. President Trump is expected to sign the bill into law promptly, offering a crucial victory for his party before the upcoming midterm elections where congressional majorities are at risk. A recent New York Times/Siena poll indicated that only 33 percent of voters approve of the president’s economic management.

The bill’s success, despite near collapse due to Republican disputes, shows a strong legislative desire to tackle housing affordability. The 21st Century Road to Housing Act includes numerous provisions aimed at assisting diverse communities. It aims to reduce housing costs by easing federal regulations for construction, simplifying lending rules, and providing disaster aid to affected areas. A notable point of contention was the new limits on institutional investors, a policy backed by President Trump.

Shaun Donovan, president of Enterprise Community Partners and former secretary of the Department of Housing and Urban Development under Obama, stated that the bill is crucial because it directly addresses the most pressing housing issue: supply shortage. “It is the most important and most comprehensive housing bill of this century,” he said.