Housing affordability fight in Congress gains bipartisan support
Newsy
A bipartisan push in Congress to tackle housing affordability is gaining momentum as many Americans say they face a "cost-of-living crisis."
A bipartisan push in Congress to tackle housing affordability is gaining momentum. This week, the House of Representatives overwhelmingly passed the Housing for the 21st Century Act, and the Senate is expected to vote soon on a similar measure.
The legislation, approved 390-9 in the House, seeks to increase community bank lending, encourage updates to local zoning laws that often limit new home construction, lower costs for manufactured homes, and make it easier to convert vacant office buildings into apartments.
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Dennis Shea, executive vice president at the Bipartisan Policy Center, said changing local zoning rules remains a major component.
"Since the Great Recession, I think it will be the most consequential housing package out of Congress," Shea said.
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