The Senate passed the 21st Century Road to Housing bill on 22/6 with 85 votes in favor and 5 against. The bill will now move to the House of Representatives for consideration.

This legislation seeks to restrict the ability of investors to acquire numerous homes, ease federal permitting regulations to stimulate new construction, and enable the launch of pilot programs supporting home renovation financing and affordable housing planning.

A key provision in the bill prohibits investors from purchasing additional single-family homes if they already own 350 or more. The bill also streamlines the process for individuals to buy manufactured homes and improves mortgage accessibility.

This legislative action comes as the Democratic Party and Republican Party prepare for the mid-November mid-term elections, with housing affordability expected to be a significant concern for voters.

The US Capitol building. Photo: Reuters

A shortage of new home supply is a primary driver of rising housing costs in recent years.

Last year, lawmakers in both the House and Senate began developing this bill, which initially anticipated bipartisan support. However, disagreements between the Senate and House on its content stalled its progress for months in Congress.

The final version of the bill emerged after the Senate incorporated several provisions requested by the House. It also removed a provision that the House opposed: a requirement for large investors owning 350 or more single-family homes to sell them after 7 years.

The 21st Century Road to Housing bill represents a victory for the Republican Party, as voters perceive President Trump's administration and the Republican-controlled Congress have not adequately addressed the cost of living.

A mid-June poll by AP indicated President Trump's overall approval rating stood at 37%, with only 33% approving of his economic management. Other surveys show he received low marks for his handling of the cost of living, a key issue that helped him win in 2024. A June NBC News poll found that nearly 80% of US voters believe the "American Dream" is harder to achieve than a generation ago.

Hoang Lan (According to Guardian, NBC News)