President Donald Trump has canceled a signing ceremony for a housing affordability bill that was scheduled for today (June 24) in Washington, D.C. The decision comes as President Trump insists on the passage of the Save America Act, a voting bill that would require voter ID, before he signs the housing legislation.
The housing bill, known as the “21st Century ROAD to Housing Act,” passed the Senate with an overwhelming bipartisan vote of 85-5 on Monday (June 22) and cleared the House last night. The bill aims to ease housing construction by cutting red tape and limiting institutional investors from purchasing homes. It includes provisions to restrict large investors owning more than 350 homes from buying additional properties, except for “build-to-rent” projects.
Forbes reports that the bill is considered the largest bipartisan housing legislation in decades. The Bipartisan Policy Center outlines that the bill combines elements from previous House and Senate bills, aiming to boost housing supply and affordability.
Despite its broad support, President Trump has linked the bill’s signing to the passage of the Save America Act, which requires voter ID. This move has delayed the bill’s enactment, although it could still become law if the president takes no action within 10 days while Congress is in session.
The bill’s future remains uncertain as it faces potential hurdles in Congress, particularly regarding the role of institutional investors and a proposed temporary ban on the Federal Reserve issuing a digital currency. These issues have divided lawmakers, with some calling for permanent bans and others advocating for temporary measures.
NPR highlights that the housing bill’s expansive nature has helped it gain bipartisan support, with many provisions aimed at increasing the housing supply and reducing costs. However, the delay in its signing underscores the ongoing political challenges in passing comprehensive legislation.
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