U.S. Senate Passes 89–10 Housing Bill Targeting Corporate Homebuyers
The U.S. Senate has passed a major bipartisan housing affordability bill aimed at lowering housing costs nationwide, but its future is uncertain as the legislation heads to the House.
Lawmakers approved the measure in an 89–10 vote, a rare bipartisan moment in Congress amid growing pressure to address soaring home prices and a national housing shortage.
According to the Associated Press and Reuters, the legislation was spearheaded by Sen. Tim Scott of South Carolina and Sen. Elizabeth Warren of Massachusetts and focuses on expanding housing supply. The bill would streamline environmental reviews for housing projects, increase federal housing funding, and promote construction of modular and multifamily homes.
Another key provision targets institutional investors that buy large numbers of single-family houses. The Senate proposal would limit large investors to roughly 350 homes and require certain newly purchased rental homes to be sold within seven years, according to Reuters.
Still, the bill faces significant resistance in the House, where some conservative Republicans and industry groups oppose restrictions on investors and other provisions included in the Senate version.
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“This legislation gives families a better chance at owning a home,” Sen. Tim Scott said while promoting the bipartisan measure.
The debate reflects a broader struggle in Washington to tackle housing affordability as mortgage rates rise and home construction continues to lag demand. Analysts say the U.S. still faces a major housing deficit, contributing to high prices and delayed homeownership for younger buyers.
Now the focus shifts to negotiations between the House and Senate, where lawmakers must reconcile competing housing proposals before the legislation can reach the president’s desk.
Whether Congress can reach agreement may determine if the bill becomes the most significant federal housing reform in decades.
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