The House of Representatives on Tuesday approved a Senate-passed bill designed to alleviate housing costs in the U.S. by prohibiting institutional investors from purchasing single-family homes. The legislation, titled the 21st Century Road to Housing Act, passed with broad bipartisan support in both chambers, clearing the House by a vote of 358-32 and the Senate by 85-5.
President Trump is anticipated to sign the bill into law during a visit to the Capitol Building on Wednesday. The measure includes provisions to ease regulations, enhance access to capital, and increase accountability within the Department of Housing and Urban Affairs, with the ultimate goal of boosting housing supply.
Lawmakers highlighted the bill's bipartisan nature as a significant achievement in a divided Congress. "We have a crisis of housing in this country, and while this won’t fix everything, this is a huge step in the right direction," said Rep. Jim Himes (D-Conn.). Sen. Tim Scott (R-SC), Chairman of the Senate Banking Committee, stated that the legislation would help "lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of home ownership."
Sen. Elizabeth Warren (D-Mass.), a key figure in the bill's development, noted that the measure would, for the first time, restrict private equity firms from acquiring homes. The compromise legislation also incorporates House provisions extending the Community Development Block Grant-Disaster Recovery program for three years and includes measures to simplify mortgage lending for smaller banks.
The House previously passed its version of the bill with a 396-13 vote in May, while the Senate approved its version in March by an 89-10 vote. A small number of Republican senators initially expressed reservations about the bill, partly due to its association with Senator Warren. However, the final version garnered widespread support across party lines.
President Trump had previously called on Congress to address investor purchases of single-family homes and had also signed an executive order directing federal agencies to examine Wall Street's role in the housing market for potential anti-competitive effects.