Senate passes bipartisan housing bill to improve access and affordability

In a rare bipartisan effort for a deeply divided Congress, the Senate has passed a broad bill to make U.S. housing more accessible and affordable

WASHINGTON -- The Senate passed a broad bill on Thursday to make U.S. housing more accessible and affordable, a rare bipartisan effort in Congress to address a growing national problem.

The bill, which passed 89-10, would reduce regulations, regulate corporate investors and expand how housing dollars can be used to build affordable homes and rentals. It will now head back to the House, which passed a similar bill earlier this year.

“We have a housing shortage all across America,” said Massachusetts Sen. Elizabeth Warren, who worked with Republicans to win overwhelming support from both parties for the legislation. “We need more housing of every kind. More housing for first-time home buyers, more housing for renters, more housing for seniors, more housing for people with disabilities, more rural housing, more urban housing, more, more, and more."

The legislation, she said "will help drive down prices.”

Senate Banking Committee Chairman Tim Scott, R-S.C., led the effort with Warren. He said ahead of the vote that the Senate could “do what so many people failed to do in this legislative body for the last few decades, and that is pass consequential legislation that makes it easier to become a homeowner.”