The U.S. Senate is set to pass a bipartisan housing bill on Monday aimed at lowering prices and increasing supply, one of the most sweeping efforts in decades to reduce federal regulations and increase local control. This was reported by Qazaqyia.kz citing Associated Press.
The bill has been the focus of intense House-Senate negotiations in recent weeks as lawmakers in both parties try to address housing costs in an election year. The final version of the legislation bans corporate investors from buying single family homes but doesn't include a Senate provision that would have required investors to sell newly constructed homes within seven years.
The measure was the result of years of work to "lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership," said Senate Banking Committee Chairman Tim Scott, R-S.C., who worked with Democrats to get the bill passed.
Massachusetts Sen. Elizabeth Warren, the top Democrat on the Banking panel, told The Associated Press that she believes the bill is significant "because it acknowledges that the federal government has a role to play in lowering housing prices and because for the first time ever, private equity will be blocked from buying up single family homes and trying to turn housing into one more Wall Street investment."
Senate passage of the bill shapes up as a rare bipartisan legislative achievement when much of Republicans' agenda has stalled. The House is expected to give final approval later this week and send the bill to President Donald Trump, who has signaled his support.
Democratic Rep. Maxine Waters of California, who helped negotiate the legislation, said it was a "significant" bill.