Tim Scott, Elizabeth Warren's Historic Bipartisan Housing Bill Clears Senate Committee Amid US Housing Woes
In a rare bipartisan move, the Senate Banking Committee has unanimously advanced a comprehensive housing bill aimed at addressing the ongoing housing crisis in the United States.
The Senate Banking Committee on Tuesday gave approval for the Road to Housing Act of 2025 with a 24-0 vote. This bill, led by Chairman Tim Scott (R-S.C.) and Ranking Member Elizabeth Warren (D-Mass.), which is the first of its kind in nearly a decade, encompasses elements from 27 previously introduced pieces of legislation, 23 of which had bipartisan sponsors.
Bipartisan Housing Bill Targets Affordability With Zoning Reforms And Incentives
The bill is designed to enhance housing affordability through various measures, including increasing housing supply, modernizing financing options, reducing regulatory barriers, promoting economic mobility, and improving program oversight and coordination.
The bill’s provisions also aim to streamline zoning and building standards, a rare point of agreement between Democrats and Republicans. However, the bill also calls for increased action by the Department of Housing and Urban Development (HUD), at a time when the Trump administration is cutting the agency’s budget and staffing levels.
"By aligning federal investment with local pro-housing policies, Congress can help renters see real relief while spurring the private capital needed to build 4.3 million new apartments this decade.” stated Sharon Wilson Géno, President of National Multifamily Housing Council (NMHC).
What Is The Housing Act Of 2025?
The ROAD to Housing Act of 2025, if passed, will boost housing development by directing HUD to update zoning guidelines, launching a pilot program with grants and loans for homeowners and landlords, streamlining environmental reviews, and create a $1 billion “innovation fund” over five years to support local housing initiatives.
New Legislation Targets Deepening Housing Woes
The U.S. housing market has been facing significant challenges, including high prices, elevated mortgage rates, and rising construction costs, as highlighted by Oxford Economics. These factors have been keeping both buyers and builders on the defensive, with potential sellers having less ability to pass along price increases.
Amid these challenges, the passing of the Road to Housing Act is a significant step towards addressing the U.S. housing crisis. The bill’s provisions align with the current trends in the housing market, including the need for increased construction. “Every senator, Republican or Democrat, is facing people back home who tell them housing is a huge problem,” Sen. Elizabeth Warren told Axios.
Despite the challenges, some companies in the housing sector have been performing well. For instance, RH (NYSE:RH) reported a surprise earnings beat in the first quarter of 2025, despite the housing market being described as the worst in 50 years.
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