NEWYou can now listen to Fox News articles!
A massive bipartisan swell advanced a Trump-backed affordable housing package out of the Senate on Thursday, but its fate in the House is up in the air.
The bill, renamed the 21st Century ROAD to Housing Act to incorporate a previous Senate housing bill that stalled last year, easily sailed through the upper chamber, given that many lawmakers support the wide-ranging slate of measures designed to increase the supply of affordable housing.
In its original form, the legislation was primarily intended to help first-time homebuyers and lower-income Americans enter the housing market or gain access to more affordable housing options.
BIPARTISAN HOUSING PUSH ADVANCES, BUT TRUMP-BACKED INVESTOR BAN FACES RESISTANCE
The Senate tweaked the legislation, adding a ban on institutional investors sought by President Donald Trump, who earlier this year signed an executive order barring the practice. During his State of the Union address last month, Trump urged Congress to codify the ban and said, “We want homes for people, not for corporations.”
That provision gave some heartburn, notably to Sen. Brian Schatz, D-Hawaii, and several industry groups, who warned that the way it was designed — forcing owners of 350 or more units to sell after seven years — would kneecap the build-to-rent market and harm the supply of rentals throughout the country.
That was not enough to slow the bill down in the Senate, but Trump’s declaration that he wouldn’t sign any bills unless the Senate passed voter ID legislation, along with House Republicans grumbling over changes to the bill, could spell trouble ahead.
Rep. Mike Flood, R-Neb., co-lead of the House’s version of the bill, told Fox News Digital, “It seems to me that there are outstanding concerns with the Senate’s housing bill as currently drafted.”
HOUSE PASSES BIPARTISAN HOUSING BILL AS TRUMP ZEROES IN ON AFFORDABILITY CRISIS
He echoed Schatz’s concern about the build-to-rent supply consequences and added that the bill was “intended to cut costs, but the Senate removed important bipartisan House provisions that would have slashed barriers to building more homes.”
“Their process is still ongoing, and I am holding out hope for some fixes, but time runs short,” Flood said. “Given the bill’s current state, I think a conference may be the most viable path forward.”
Senate Majority Leader John Thune, R-S.D., said he believes that once the bill makes it through the Senate, “the White House will be wanting to work with our House counterparts to try and get it passed over there and get it on the President’s desk.”
BIPARTISAN PLAN AIMS TO MAKE THE AMERICAN DREAM AFFORDABLE AGAIN FOR MILLIONS OF FIRST-TIME HOMEBUYERS
“We know we’ve added some things to the bill here in the Senate that were designed to make it more palatable to the House. I know there are other issues they would like to address in it, some of the banking issues too, but I think this is, by and large, a housing bill.”
“So, we think we have really put together a strong bill,” Thune continued. “It’s something that hasn’t been done in over a decade.”
It’s a product of negotiations between Sen. Tim Scott, R-S.C., the chair of the Senate Banking, Housing and Urban Affairs Committee, and Sen. Elizabeth Warren, D-Mass., its top Democrat.
The pair argued that the changes made should make the legislation more palatable to their House counterparts.
“The package includes the vast majority of the Senate’s unanimously supported ROAD to Housing Act, incorporates bipartisan ideas from the House, and takes a good first step to rein in corporate landlords that are squeezing families out of homeownership,” Warren said earlier this month. “Congress should pass this package and continue working on further legislation to combat our nation’s housing crisis.”
Read the full article here
