"If there's room for agreement on anything in Washington, it's that lawmakers need to do something to make homeownership more affordable. On Tuesday, legislators on both sides of the aisle clinched the final vote in the House to pass the largest piece of housing legislation in decades," said NPR that day.
It's a sign of the political need for H.R.6644 - 21st Century ROAD to Housing Act that it cleared its final legislative hurdle by a huge majority in the House: 358-to-32. Politicians across the spectrum are acutely aware of their constituents' pressure to deliver more affordable housing, and the new legislation is expected to deliver real benefits.
The final step was for President Donald Trump to sign the bill into law. And a signing ceremony had been scheduled on Capitol Hill for noon on Wednesday. However, the president canceled that, saying he wouldn't sign until the Senate passed his SAVE America Act, which would change electoral laws.
"Under the Constitution, a bill that has passed both chambers of Congress and has been presented to the president automatically becomes law if he doesn't sign or veto it within 10 days, excluding Sundays, as long as lawmakers are in session," explains CBS News. So, we must wait to see whether a veto kills the new law or if it passes into law by default.
What's in the Bill?
As the largest housing bill in decades, the 21st Century ROAD to Housing Act seeks to improve home affordability through a variety of mechanisms.
Streamlined Construction Regulations
The bill seeks to cut the costs and time it takes for developers to break ground on a project:
- There's no need to carry out an environmental survey when the buildings on either side of a site have already done those.
- It permits communities to develop pattern books of pre-approved plans that allow development with minimal other permissions.
- Manufactured homes will no longer need an expensive steel chassis, which adds $5,000-$10,000 to their sticker prices.
- Communities are incentivized to build more homes by federal dollars funneled to where the most units are constructed.
Keeping Wall Street Out of the Housing Market
"The flashiest part of the package is a ban that prevents corporate investors from buying up more single-family homes to rent out," says NPR. "If one of those groups already owns at least 350 houses, [it] won't be able to buy others."
Voters became aware around the pandemic of corporate investors snapping up single-family homes that were for sale by outbidding individual home buyers. Corporations rented out the homes they bought.
Those investors tended to focus on certain markets, but their purchases were enough to make it hard for both first-time buyers and homeowners who were trying to move. However, Wall Street has largely backed away from housing markets since then.
On Tuesday, Realtor.com published data about investor sales and purchases in 2025. It said investors comprised 11.3% of home purchases in 2025, up 0.3 percentage points compared to 2024.
However, it continued, "Small investors continue to be the dominant force behind investor purchases, comprising about two-thirds of all purchases." So, mom and pop landlords are now much more significant than corporations.
"Mega purchases are down almost 70% compared to their 2021 peak, and large investor purchases are about 30% lower," says Realtor.com. So, does that mean Congress is trying to rein in corporations after the horse has bolted?
Possibly. However, Wall Street is ever opportunistic. And the new law could stop it pouncing again if 2021 market conditions ever recur.
Other Provisions in the Bill
The bill is genuinely comprehensive and contains many other provisions. These include improving access to small-value mortgages, enhancing the appraisal process, and making it easier to finance manufactured and modular homes.
For a more complete list, check out the Bipartisan Policy Center's Inside the Deal: What’s in the Final 21st Century ROAD to Housing Act.
Broad Support for the Legislation
Demand for federal intervention in the housing market has been high. Many homeowners and renters alike are struggling with serious affordability issues.
"Housing affordability starts with supply, and this bill makes meaningful progress toward building more homes and lowering costs for American families," said House Committee on Financial Services Chairman French Hill (AR-02) in a joint statement with his colleague across the aisle, Ranking Member Maxine Waters (CA-43).
Waters added, "Housing is the gateway to opportunity, stability, and economic prosperity. If we want to build a stronger nation where working families can succeed, it starts with taking our housing crisis head on by expanding affordability, increasing access, boosting supply, and creating pathways to homeownership."
Meanwhile, the bill's passage was greeted with near-universal acclaim by housing lobby groups and activists alike. It's unlikely to be perfect, but it's a big step forward.
