Senate Banking Committee Chairman Tim Scott expects the bipartisan housing bill to pass within the next 2-3 weeks, according to remarks he made on CNBC’s Squawk Box on June 18. The 21st Century ROAD to Housing Act represents a major legislative push to increase housing supply and decrease costs, a top affordability concern for American voters.
Senate and House leaders agreed on June 16 to a final version of the comprehensive housing legislation. The Senate voted 87-8 that same day to advance the bill, signaling strong bipartisan support. The agreement brings together Senate Banking Committee Chair Tim Scott (R-S.C.) and Ranking Member Elizabeth Warren (D-Mass.), House Financial Services Chairman French Hill (R-Ark.), and that panel’s ranking member Maxine Waters (D-Calif.), according to Roll Call.
The bill contains nearly four dozen provisions based on stand-alone measures, most with bipartisan co-sponsors. It aims to streamline housing regulations to bolster the construction of affordable housing, change rules to increase manufactured housing, and encourage localities to ease zoning rules. One of the most significant provisions restricts the purchase of new single-family homes by large institutional investors that directly or indirectly own at least 350 single-family homes, according to the Bipartisan Policy Center.
The Senate passed an earlier version of the bill in March by a vote of 89-10, while the House passed its revised version in May with overwhelming support of 396-13. The final agreement incorporates requests from both chambers. Senate Majority Leader John Thune told reporters before the June 16 vote that “both parties have had opportunities to weigh into this,” adding that “it’s about increasing the supply of housing in this country and making it more affordable.”
Scott called the bill “the result of years of hard work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership,” in a statement. Elizabeth Warren said on the Senate floor before the vote that the bill would “stop private equity from buying up single-family homes” for the first time ever and that Congress was “in a moment when the United States Senate and the House of Representatives may actually get something done.”
Sources
- CNBC — Tim Scott’s remarks on bipartisan housing bill and 2-3 week timeline expectation
- Roll Call — Senate-House agreement on final housing bill version, 87-8 Senate vote, and bicameral leadership details
- The Hill — Senate 87-8 vote to advance housing bill on June 16
- Bipartisan Policy Center — Details on institutional investor restrictions and bill provisions
- U.S. Senate Banking Committee — Senate passage vote of 89-10 in March
