Homes are in short supply in the U.S. How a new law could change the market
Fortune – Tech
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Summary
A new law adopted on July 11 marks the most significant effort in decades to boost the US housing supply. The 21st Century Road to Housing Act , which passed both chambers of Congress by a huge margin, is designed to bring relief to Americans struggling with lofty prices and mortgage rates. Its impact might not be felt for years, however, given the often long timelines on construction projects and state and local statutes that limit development. The fate of the legislation had been up in the air after President Donald Trump announced that he wouldn’t sign the measure. The bipartisan legislation aims to alleviate a housing shortage that has contributed to voters’ frustrations over affordability. The legislation also includes nine provisions relaxing regulatory requirements for community banks that could make it easier for them to extend mortgage loans. Read more: Trump Undercuts GOP Message With Snub of Housing Bill Big Take Podcast: Why Everyone Is Talking About Housing Policy After signaling that he would sign the housing bill once Congress approved it, Trump abruptly declared that he wouldn’t put his signature on the measure unless Congress adopted an unrelated voter ID bill . Trump could have vetoed the legislation outright, potentially leading Congress to vote on whether to override the veto. But by neither signing nor vetoing the legislation, it automatically became law 10 days after being formally sent to the president’s desk. The legislation originally passed the House of Representatives and the Senate by overwhelming majorities.
From the source
A new law adopted on July 11 marks the most significant effort in decades to boost the US housing supply. The 21st Century Road to Housing Act , which passed both chambers of Congress by a huge margin, is designed to bring relief to Americans struggling with lofty prices and mortgage rates. Its impact might not be felt for years, however, given the often long timelines on construction projects and state and local statutes that limit development. The fate of the legislation had been up in the air after President Donald Trump announced that he wouldn’t sign the measure. Trump ultimately opted not to use his veto power to try to block the bill, clearing the way for it to become law. Here’s what to know about the new law and how it could change the housing market. What’s included in the housing bill? The bipartisan legislation aims to alleviate a housing shortage that has contributed to voters’ frustrations over affordability. The law includes new rules making it easier to develop factory-
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