President Donald Trump abruptly canceled the signing of the "21st Century Road to Housing Act," a significant bipartisan housing affordability bill passed by Congress. The unexpected cancellation occurred less than two hours before the scheduled event. Trump announced on social media that he was postponing the signing until the "SAVE AMERICA ACT," a bill focused on tightening voter ID requirements which he deemed a "National Emergency," could be passed. He also derided the housing bill as "The Elizabeth ‘Pocahontas’ Warren centric housing bill, which is of minor importance compared to lower interest rates… pales in comparison to passing THE SAVE AMERICA ACT."
The housing bill, the result of months of negotiations between the House and Senate, had received overwhelming bipartisan support, passing the Senate 85-5 and the House 358-32. It aimed to address America’s housing affordability crisis primarily by encouraging more housing supply, including manufactured homes, and by incentivizing local governments to reform zoning and permitting restrictions. The bill also included a first-of-its-kind provision to limit private equity firms from buying single-family homes, specifically restricting large investors from purchasing additional homes if their holdings exceed 350, though it does not require divestment of existing properties above this threshold.
Other key provisions of the bill included a pilot program for grants and forgivable loans for home repairs and health hazards, and measures to facilitate the conversion of vacant office buildings into apartment complexes. It also sought to expand financing, promote innovative housing like modular homes, institute new renter protections, and enhance programs to combat homelessness. Lawmakers from both parties had championed the bill as a crucial step to address rising home prices and a shortage of affordable housing, with the U.S. housing market experiencing a slump since 2022 due to climbing mortgage rates and an estimated shortage of 10 million homes.
