US Senate passes bipartisan bill to lower housing costs

The US Senate passed the 21st Century Road to Housing Act on Monday, a bipartisan bill designed to reduce housing costs by increasing supply and curbing investor purchases of homes. This legislation, which received an overwhelming 85-5 vote, aims to streamline construction and permitting processes. Key provisions include limiting investors' ability to buy residential properties, waiving certain federal permitting regulations to encourage new construction, and establishing pilot programs for grants supporting home improvements and affordable housing planning. The bill's passage follows months of intensive negotiations and is considered a priority for both major parties ahead of the November midterm elections. The 21st Century Road to Housing Act now proceeds to the House of Representatives for further consideration.