The Senate advanced a massive, Trump-backed housing package that proponents say will prevent the U.S.from becoming a "nation of renters." The upper chamber sent the 21st Century Road to Housing Act to the House on Monday after months of delay.
After the heads of the House Financial Services Committee and Senate Banking Committee reached a deal last week, the package is on a glide path to President Donald Trump’s desk. It’s the first major push by Congress to address housing regulations in decades, and one Trump has been calling on lawmakers to complete as the midterm elections near. TRUMP-BACKED AFFORDABLE HOUSING OVERHAUL CLEARS SENATE, WHILE HOUSE GOP RAISES RED FLAGSThe Senate advanced a massive, Trump-backed housing package geared toward lowering the costs of homes and supercharging the housing supply.Sen.
Elizabeth Warren, D-Mass., pitched it as legislation to prevent America from becoming a "nation of renters." (Jemal Countess/Getty Images for Protect Borrowers; Anna Moneymaker/Getty Images)Loaded with nearly 60 different provisions, the package broadly tackles rolling back some permitting regulations, launches several pilot grant programs to build, repair and push affordable housing construction, and blocks investors from buying up housing stock — a key provision pushed by Trump.Sen.Elizabeth Warren, D-Mass., one of the architects of the package, said the legislation was "not the federal government big footing local government," but instead the federal government laying out tweaks to current programs and policies that "over time will make housing more affordable.""This is a housing package that will help increase supply and bring down costs," Warren said.
"One way is by beating back private equity, so they won't invade your neighborhood, buy up all the houses, and turn America into a nation of renters." Warren said that among several things, the package increases access to manufactured housing by changing the federal definition to open up for mor...