Congress Clears Largest Housing Bill in Decades

Americans facing a shortfall of more than 4 million housing units now confront the question of whether new federal rules will ease prices and speed construction. Lawmakers approved the 21st Century Road to Housing Act with votes of 358-32 in the House and comparable margins in the Senate, sending the measure to the president.

The legislation contains more than 40 provisions. One restricts large corporate investors to purchases of no more than 350 single-family homes. Another directs federal agencies to reduce permitting steps for builders and offers incentives for local governments to revise zoning and land-use rules. Realtor.com data cited in congressional debate placed the national shortage above 4 million units last year.

Passage occurred on a bipartisan basis, with Republican Rep. Mike Lawler of New York among the co-sponsors. The bill reached the president after Senate approval Monday and House concurrence Tuesday night. Effects on supply and prices are expected to appear gradually, as regulatory changes at the local level and new construction both require time. Mortgage rates and land costs remain outside the bill's scope.

Separate coverage noted the same legislative action alongside other developments, including Senate Republican tensions over a non-binding war powers resolution and New York primary results. Those items received no direct linkage to the housing measure in the reporting examined.