Trump scraps planned signing of US housing affordability bill

Donald Trump announced on October 27, 2023, that he would not sign the proposed "American Dream Downpayment Act," a bipartisan bill aimed at increasing housing affordability. The legislation, which had garnered support from both Democrats and Republicans, sought to address rising housing costs by incentivizing the construction of new homes and discouraging large institutional investors from purchasing single-family properties. Trump's decision came after concerns were raised by some industry groups that the bill's provisions could inadvertently stifle development and negatively impact the rental market. The bill's proponents, including Senator Maria Cantwell (D-WA) and Representative Patrick McHenry (R-NC), had argued that it would create a more accessible housing market for first-time buyers and reduce the influence of corporate landlords. The proposed act included provisions for tax credits for developers building affordable housing units and measures to increase transparency in real estate transactions involving investment firms. The White House had not yet issued an official statement regarding Trump's announcement, but sources close to the administration indicated that the President's decision was influenced by lobbying efforts from real estate investment trusts and homebuilder associations. The failure to pass this bill marks a setback for efforts to address the ongoing housing crisis in the United States, which has seen median home prices increase by over 40% in the past three years.