The Republican-controlled U.S. House of Representatives passed a significant housing bill aimed at addressing the nation’s shortage of affordable homes. Still, experts say it is unclear how much it will directly reduce home prices for buyers and renters.
This past week, the House of Representatives passed a bipartisan bill, the Housing for the 21st Century Act, to increase the supply of affordable housing.
This development sets the stage for some political negotiations ahead. Previously, in October, the Senate passed its own bipartisan legislation as part of a broader package, but that was removed from the final bill. Now, the Senate is considering a stand-alone bill called the ROAD to Housing Act.
scale initiatives.
Additionally, the bill puts an end to redundant environmental assessments, allowing housing projects that have already received approval through one federal assistance program to bypass another review, as long as the project’s scope, scale, and location remain largely the same.
“Finally, the bill envisions a future of more manufactured housing by again changing some of the requirements related to this type of construction that might address the availability of affordable housing,” Fast Company reported.
We got into this crisis one unit at a time, and we will get out of it the same way—one unit at a time—through a range of coordinated strategies that expand supply, reduce costs, and improve access to affordable homes,” Dworkin said in a statement celebrating the passage of the legislation.
Proponents argue that by boosting the overall housing supply and reducing regulatory barriers, the bill could help ease upward pressure on prices and rents over time.
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