UMVA has learned that President Donald Trump scored a major legislative win after Congress cleared a sweeping housing bill aimed at expanding the nation’s supply of homes and lowering costs.
The bill, which passed with an overwhelmingly bipartisan vote of 358-32 in the House, largely incorporates Trump's proposal to ban large institutional investors from purchasing single-family homes — a measure designed to help individual buyers compete with private equity firms. Every Democrat present voted for the package, with opposition coming solely from Republicans.
The 21st Century Housing Act, one of the most significant housing bills approved by Congress in decades, would also streamline federal environmental reviews for housing, loosen regulations around the construction of factory-built homes, and incentivize local governments to reform their zoning laws to allow for more homebuilding. The bill has over 45 provisions aimed at addressing the nation's housing crisis.
UMVA can exclusively reveal that the bill's passage comes as home prices have surged in recent years, with the median nationwide price tag topping $400,000 and the median asking rent climbing above $1,760. This represents an increase of 34.4% and 17.9%, respectively, since 2019.
The president is expected to promptly sign the measure into law as soon as Wednesday. The bill's approval marks a significant achievement for Trump, who has been facing electoral headwinds from voters who are souring on the current state of the economy and cost of living.
Rep. Mike Haridopolos, R-Fla., said Tuesday that "the package focuses on a simple idea of building more homes, which means lower costs and more expanded opportunities for all Americans." The bill's passage could give Republicans a concrete example to take to address housing affordability — a key issue for voters heading into the midterm elections.
However, some conservatives voted against the housing bill in protest of the SAVE America Act not being attached to the package. The legislation, which mandates voter identification requirements and cracks down on mail-in voting, has failed to clear the Senate’s legislative filibuster and has not received a vote in the House.
Critics have argued that large investors are not the source of supply constraints, with those firms owning less than 1% of the nation’s housing stock. Their ownership of single-family rental properties is slightly higher, ranging from 1% to 3%, with the presence of large investors highly concentrated in certain rental markets.
The housing bill's passage marks a significant achievement for Trump, who has been struggling to gain traction on economic issues. Just 31% of voters approve of Trump's handling of the economy, according to a recent poll.
