Senate passes landmark housing affordability bill after bipartisan breakthrough

Washington — The Senate passed a bill aimed at lowering housing costs on Monday after a major breakthrough and rare bipartisan consensus that comes as affordability remains top of mind for voters heading into the midterm elections. In an 85-5 vote, the Senate approved the legislation along wide bipartisan margins. It now heads to the House for approval. The bill, known as the 21st Century ROAD to Housing Act, aims to increase housing supply and bring down costs, including by limiting institutional investors from purchasing certain single-family homes. The Senate approved an earlier version of the package in March, before the House in May approved another version. Then last week, the Senate Banking and House Financial Services committees announced a bicameral agreement on the long-sought legislation. The bill represents the most sweeping housing legislation in decades. Sen. Tim Scott of South Carolina, the chairman of the Senate Banking Committee, said in a statement that it 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." "Now it is time to move forward, get this bill across the finish line, and deliver real relief for the American people," Scott said. Speaking from the Senate floor last week, Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Banking Committee, outlined some of the bill's more than 45 housing provisions. …