US Senate passes housing bill as lawmakers seek cost-of-living win

The US Senate overwhelmingly passed a bipartisan housing bill Thursday aimed at boosting construction of affordable homes, giving lawmakers a rare legislative victory they hope to tout to voters worried about rising living costs.

With November's midterm elections approaching, Democrats and Republicans have been eager to show voters they are tackling the affordability crisis -- although the legislation's path through the House of Representatives looks less certain.

The 21st Century ROAD to Housing Act cleared the upper chamber of Congress by 89 votes to 10, reflecting broad concern over soaring rents and home prices across the United States.

"This landmark, bipartisan bill will help tackle the root cause of this crisis by getting more homes built in every community across the country," said Elizabeth Warren, the top Democrat on the Senate Banking, Housing, and Urban Affairs Committee. 

As well as incentives to build new homes, the measure includes programs to convert abandoned buildings into housing developments and grants to renovate existing properties.

But it faces an uncertain future in the House of Representatives, where conservative Republicans have raised objections and warned the Senate version may need significant changes.

Members of the right-wing House Freedom Caucus have criticized provisions that would curb institutional investors from buying single-family homes, and a temporary ban on a central bank digital currency included in the text.

Speaker Mike Johnson has told House Republicans that the chambers may need formal negotiations to reconcile the competing versions -- a process that could delay the bill for weeks.

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The House passed its own housing measure earlier this year with bipartisan support, but Republican leaders say the Senate package diverges from that version in key ways.

The White House has backed the Senate legislation, though housing policy has struggled to break through in Washington as the war in Iran and other issues dominate the political agenda.

President Donald Trump has instead focused heavily on his proposed SAVE America Act, a voting bill he has made his top legislative priority.

Trump has insisted he will not sign any new legislation until Congress passes that package, although bills can still become law without a president's signature as long as they are not vetoed.

Still, supporters say the housing measure offers Congress a rare chance to address an affordability issue that resonates across party lines.

"This bill offers real solutions that will unlock new home construction, drive down prices and increase the supply of affordable homes," Senate Republican Majority Leader John Thune said in a floor speech earlier this week.

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