The House gave final approval to a broad bipartisan bill aimed at lowering the cost of housing, with lawmakers in both parties eager to show progress on affordability issues ahead of this year’s midterm elections.

Key Provisions

The legislation would reduce federal regulations, streamline environmental reviews, speed up the construction process, and curb the influence of corporate landlords by limiting their ability to purchase single-family homes. It represents one of the most sweeping efforts in decades to increase the supply of housing and bring down prices, as voter frustration runs high about the cost of living.

Democratic Rep. Maxine Waters of California, who helped negotiate the bill, said the median age of a first-time homebuyer is now 40 and rents have soared some 47% since the COVID-19 pandemic. The bill will “help build more homes to meet that growing demand and keep the American dream within reach,” said House Financial Services Chairman French Hill, an Arkansas Republican who worked with Waters and the Senate on the bill.

Impact and Support

The legislation drew widespread support in the housing community, both from organizations representing landlords and large property owners as well as groups that advocate for tenants and low-income renters. It also brought together Republicans and Democrats, many of whom noted the unusual level of bipartisanship ahead of the vote.

The bill will expand financing, encourage the development of “innovative housing” like modular homes, require new renter protections, and enhance programs that aim to end homelessness. It will also offer funding to local governments that build more housing, including Community Development Block Grant money to places exceeding the median rate of homebuilding.

Original reporting: NBC4 Los Angeles — read the source article.