Senate Advances Housing Bill With Investor Purchase Cap and Eased Building Rules

The U.S. Senate voted 85-5 on Monday to advance a bipartisan affordable housing bill that limits the number of single-family homes major investors can purchase, @unusual_whales reported. The legislation maintains a 350-unit cap on institutional investors while removing an earlier seven-year sell-by requirement.

It eases some regulations to allow new home construction, ties Community Development Block Grant funding to increased local supply, and creates a pilot program for redeveloping vacant units. President Donald Trump has signaled support for the package, which could reach his desk by the end of the week, @unusual_whales reported. , Rep.

And Rep. , co-led the effort. "Housing prices are too darn high and housing supply too low. Starter homes — too hard to find. And that American dream slips further and further away for far too many," Scott said from the Senate floor.

"We are closer than ever to passing the biggest housing bill since 1990, when the average price of a home in America sold for $150,000," Warren said. " Neil Bradley of the U.S. Chamber of Commerce said the bill would address a shortage of over 4.7 million homes by modernizing federal programs and reducing regulatory barriers.