In one of the most bipartisan votes Congress has seen in years, lawmakers have approved a major housing reform package aimed at increasing affordability, expanding supply, and limiting the role of institutional investors in the single-family housing market.
The House of Representatives voted 358-32 on Tuesday to pass the Senate-approved 21st Century Road to Housing Act, sending the legislation to President Donald Trump’s desk. The Senate had approved the measure the day before by an overwhelming 85-5 margin.
Trump is expected to sign the bill into law during a visit to the Capitol.
The legislation represents a rare moment of agreement between Republicans and Democrats on an issue that affects millions of Americans: the growing difficulty of purchasing a home.
“Bottom line is we need more housing and this bill, working together, does just that,” Rep. Mike Lawler (R-N.Y.) said on the House floor.
“It eases regulations. It creates greater access to capital. It provides more accountability at HUD, but ultimately it increases supply, which will have a profound impact on Americans across this country,” he added.
One of the most significant provisions in the legislation would prevent large institutional investors and private-equity firms from continuing to buy up large numbers of single-family homes, a practice critics say has reduced inventory and driven prices higher for ordinary families trying to enter the housing market.
Sen. Elizabeth Warren (D-Mass.), the ranking Democrat on the Senate Banking Committee, called that provision historic.
“For the first time ever,” Warren said, the bill would stop “private equity from buying up homes.”
The measure also extends the Community Development Block Grant-Disaster Recovery program for three years, helping communities rebuild following presidentially declared disasters. In addition, it includes banking reforms designed to make it easier for smaller financial institutions to participate in mortgage lending, an effort supporters say could increase competition and expand access to home loans.
Rep. Jim Himes (D-Conn.) highlighted the unusual level of bipartisan cooperation behind the legislation.
“We are actually getting something done, and we’re getting something done that is really important,” Himes said.
“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.”
Senate Banking Committee Chairman Tim Scott (R-S.C.) likewise emphasized the personal importance of housing affordability.
“This legislation will lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of home ownership,” Scott said.
“For me, this is personal. I know what it means for a family to have a safe, affordable place to call home because I watched my mother work hard to make that dream a reality in North Charleston, South Carolina.”
The bill’s broad support was reflected in the vote totals. Earlier versions passed the House by a 396-13 margin and the Senate by an 89-10 vote. Only five senators ultimately opposed the final package: Tommy Tuberville of Alabama, Ron Johnson of Wisconsin, Rick Scott of Florida, Rand Paul of Kentucky, and Mike Lee of Utah.
House Financial Services Committee Chairman French Hill (R-Ark.) praised the final compromise, noting that nine major House provisions were included in the legislation.
“It is a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership,” Hill said. “I look forward to President Trump signing it into law.”
The bill also fulfills a policy objective Trump has pursued since returning to office. In January, the president urged Congress to address institutional ownership of residential housing and later directed the Justice Department and Federal Trade Commission to investigate whether large Wall Street purchases of single-family homes were producing anti-competitive effects.
