The Senate is set to pass a bipartisan housing bill on Monday that aims to bring down prices and increase supply in one of the most sweeping efforts in recent decades to reduce federal regulations and increase local control.
The bill has been the focus of intense House-Senate 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, R-S.C., who worked with Democrats to get the bill passed.
Massachusetts Sen. Elizabeth Warren, the top Democrat on the Banking panel, told The Associated Press that she believes the bill is significant “because it acknowledges that the federal government has a role to play in lowering housing prices and because 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 signaled 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.”
You don’t say what the supply is in the title. Jellybeans? Guns?
Bipartisan? So what’s wrong with it?
Part of the problem is every area is different. I like seeing my senator’s support for it, even as it am skeptical it would help us. Massachusetts was built out long ago, so we have much less new construction than other states, consequently much lower corporate ownership. We’re also high cost of living so have a lot to change. We have state zoning overrides and local regulations that will probably work better for us, but every tool helps. Bring it on
It’s pretty weak. It could do quite a bit, in theory, but I’m skeptical that the very regions that would most benefit from the new opportunities and funding, would bend over backwards to find ways to refuse the money and loosened zoning laws etc that this bill provides a “framework” for. It’s all pretty weak and feels like a messaging bill to me. I really hope I’m wrong, I’m trying to buy/build a house myself so I’d love it if these things end up working in parts of the country where it’s almost impossible to get a house without being a millionaire.
Here’s the part of the article that talks about exactly what the bill would do:
To increase the supply of housing, the bill would streamline environmental reviews and speed up the construction process.
It would offer funding to local governments that build more housing, including Community Development Block Grant money to places exceeding the median rate of homebuilding. It would also provide money for communities to turn abandoned infrastructure into housing, and offers a framework for communities that want to reform outdated zoning regulations, which often limit larger housing developments.
The legislation would allow banks to invest more in affordable housing and raise limits on the number of public housing units that can receive private financing through Section 8 funding to rehabilitate properties. And it would remove outdated requirements and expand federal financing to make manufactured homes more affordable.
Ultimately since we have such a huge wealth gap, normal people won’t be able to compete with the rich who can buy homes as investments.
I guess it’s nice that it’s not just a handout to developers.
Nimby’s everywhere: “Over my cold dead body! My city counselors will hear about this bullshit!!”
