House approves bipartisan housing affordability bill, sends it to President

The U.S. House of Representatives approved the 21st Century ROAD to Housing Act on Tuesday, voting 358-32 to advance the measure to the president’s desk. The legislation, which cleared the Senate by an 85-5 margin the day before, seeks to expand the supply of housing through grant funding, pilot programs and streamlined local permitting, while restricting large institutional investors from acquiring additional single-family homes.

Key provisions include a “Homes Are For People, Not Corporations” section that would bar investors owning more than 350 single-family properties from further purchases, and regulatory reforms intended to speed up construction approvals. The bill emerged after bipartisan negotiations led by Senators Tim Scott and Elizabeth Warren and Representatives French Hill and Maxine Waters.

“This is an important step forward, not the final destination,” Waters said in a statement, adding that she will continue work to lower housing costs and expand affordable housing.

“It’s a significant crackdown on Wall Street landlords that will help working people — and the bipartisan support means the political credit is shared,” said a Democratic strategist who spoke on condition of anonymity.

Republican leaders highlighted the deregulatory aspects, while Democrats emphasized the measures targeting private-equity investors. Senate Majority Leader John Thune said the bill “maximizes both the equities the House has in it, the Senate has in it, and both parties have had opportunities to weigh into this,” noting its focus on increasing housing supply and affordability.