Senate Passes Housing Bill to Increase Affordability in Bipartisan 85-5 Vote

The Senate passed a bill aimed at lowering housing costs a week after Zillow released a report revealing the rising number of starter homes that cost over $1 million.

How Expensive are Starter Homes? The digital real estate marketplace Zillow defines "starter homes" as houses in the lowest third of home values in an area, and it found that 242 cities in the US have starter homes that cost $1 million or more. According to CBS News (Lean Left bias), despite the majority of starter homes costing less than $1 million, households still need an annual income of $117,000 to afford the average home. CBS wrote that "home prices surged during the pandemic as a housing shortage collided with strong demand and historically low mortgage rates." Washington Times (Lean Right) reported that "while the median U.S. monthly rent has been declining for nearly three years, it was still 17.2% higher in May than it was before the pandemic."

What's in the Bill? Washington Times highlighted provisions that would streamline environmental reviews and speed up the construction process for new homes as well as allow banks to invest more in affordable housing. The Hill (Center) noted a provision that caused debate between Republicans but ultimately will restrict companies that own more than 350 single-family homes from purchasing more.

Bipartisan Senate Support: The 21st Century ROAD to Housing Act passed in the Senate in an 85-5 vote. The Hill wrote that the "rare show of near-unanimous support comes as lawmakers hustle to score wins on affordability that they can trumpet back home during a midterm campaign cycle that has focused heavily on rising costs." Sens. Tim Scott (R-SC) and Elizabeth Warren (D-MA) spearheaded the package in the Senate, and Reps. French Hill (R-AR) and Maxine Waters (D-CA) did so in the House.

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