US Senate Passes Bipartisan Housing Bill to Cut Costs and Curb Wall Street Buying

The US Senate on Monday overwhelmingly approved a sweeping bipartisan housing bill aimed at lowering costs, increasing supply, and restricting large institutional investors from buying single-family homes. The 21st Century Road to Housing Act passed by a vote of 85-5, with strong support from both parties, and now moves to the House of Representatives for final consideration before being sent to President Donald Trump to sign into law.

The legislation is the product of months of negotiations between Senate Banking Committee Chairman Tim Scott (R-S.C.) and ranking Democrat Elizabeth Warren (D-Mass.), along with House Financial Services Committee Chairman French Hill (R-Ark.) and Representative Maxine Waters (D-Calif.). It combines elements from earlier competing House and Senate bills into a single compromise package. Key provisions include measures to streamline federal permitting for new construction, empower local governments to expedite housing reviews, and ban investors who own 350 or more single-family homes from purchasing additional properties. The bill also authorizes pilot programs for home improvement grants and affordable housing planning, expands access to manufactured homes, and increases mortgage availability.

Senator Scott hailed the bill as “the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of home ownership.” Senator Warren described it as the most significant housing legislation to pass Congress since 1990, noting that the average US home price has risen from about $150,000 then to over $500,000 today. “For the first time ever, it will stop private equity from buying up homes,” she said in a statement.

The bill’s passage comes as both parties seek to address soaring housing costs ahead of the November midterm elections. The US faces a shortage of roughly 10 million homes, according to the White House’s April economic report, while existing home sales have languished at three-decade lows due to high mortgage rates and limited inventory. A June NBC News poll found that nearly 80% of US voters believe the “American Dream” is harder to achieve than a generation ago, with housing affordability a central concern.

Representative Maxine Waters called the bill “an important step forward, not the final destination,” urging continued congressional action on affordable housing. A White House spokesman stated that the Trump administration is “proud to have worked alongside our partners in Congress to move this legislation forward that advances the President’s housing affordability agenda.” The House is expected to vote on the measure later this week.