The 21st Century Road to Housing Act, a bipartisan bill, has become law despite President Trump’s delay. The law aims to increase housing supply, reduce costs, and expand access to affordable homes.

Housing Affordability Crisis

The nation’s housing affordability crisis is the result of years of underbuilding, restrictive local zoning, rising demand, and policy decisions. The law combines 47 proposals to address these issues.

The law promotes manufactured housing, office-to-apartment conversions, and authorizes a pilot program to offer grants and forgivable loans to fix older homes. It also encourages states and local governments to adopt land-use and zoning policies that support housing development.

Implementation and Impact

The success of the law depends on its implementation by federal agencies, which are currently short-staffed. The law does not address the ‘lock-in’ effect or mortgage rates, which are influenced by the Federal Reserve and bond investors.

While the law is a step towards addressing housing affordability, its impact may not be immediate. Building new homes takes time, and the law’s provisions will need to be implemented by federal, state, and local governments, as well as businesses and developers.

Original reporting: KTVZ (Central Oregon) — read the source article.