U.S. Senate passes bipartisan housing bill aimed at increasing supply, lowering prices
The Senate passed a bipartisan housing bill on Monday (June 22, 2026) that aims to reduce federal regulations and expand local control, one of the
The Senate passed a bipartisan housing bill on Monday (June 22, 2026) that aims to reduce federal regulations and expand local control, one of the most sweeping efforts in recent decades to increase supply and bring down prices. The bill, which passed 85-5 and now heads to the House, has been the focus of intense negotiations in recent weeks as lawmakers in both parties try to address housing costs in an election year. The final version of the legislation bans corporate investors from buying single-family homes but doesn't include a Senate provision that would have required investors to sell newly constructed homes within seven years. The measure was 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 homeownership”, said Senate Banking Committee Chairman Tim Scott, who worked with Democrats to get the bill passed. Massachusetts Senator Elizabeth Warren, the top Democrat on the banking panel, said it is the most significant housing bill to pass Congress since 1990, when the average home in America was sold for USD 150,000. Now it costs more than $500,000, she said. The bill “acknowledges that the federal government has a role to play in lowering housing prices”, Ms. Warren told The Associated Press. "For the first time ever, private equity will be blocked from buying up single-family homes and trying to turn housing into one more Wall Street investment.” Senate passage of the bill shapes up as a rare bipartisan legislative achievement when much of Republicans' agenda has stalled.
The House is expected to give final approval later this week and send the bill to President Donald Trump, who has signalled his support. Democratic Rep Maxine Waters of California, who helped negotiate the legislation, said it was a “huge step toward finally addressing the affordable housing and homelessness crises in this country.” Housing costs are a concern for both parties Republicans and Democrats have embraced the bill as a way to show they are addressing the nation's affordability crisis, driven in part by rising home prices due to a shortage of affordable housing. The U.S. housing market has been in a slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes have been hovering close to a 4-million annual pace going back to 2023 – well short of the 5.2-million annual pace that's historically been the norm. Sales slowed last year to a 30-year low and have remained sluggish so far this year, declining in January and February versus a year earlier. The Economic Report of the President in April found a shortage of 10 million homes, while a report this month from the Joint Center For Housing Studies at Harvard University found sales of existing homes were at three-decade lows and inventories were rising due to high home buying costs.
The BriefWire