The US Senate passed a sweeping bipartisan housing affordability bill in an 85-5 vote on Monday. The legislation targets lower housing costs, expands affordable housing supply, and limits single-family home purchases by Wall Street firms and large investors. Lawmakers designed additional provisions to remove local regulatory barriers slowing recent construction.
The bill additionally bans one future US Central Bank Digital Currency and orders reforms to credit union board governance. Lawmakers framed that housing measures as one direct response to rising home prices and tight rental markets in many states. The measure now heads to the House.