USA, law to reduce housing prices - The American market lacks 4 million new homes
Republicans and Democrats in the US Congress are backing legislation to encourage more affordable housing, in a rare example of bipartisan action on a quality-of-life issue for voters. The bill, which has received broad support, overhauls regulations to make it faster and cheaper to build new housing.
At a time when Republicans and Democrats are bitterly fighting over Trump's immigration policies and the war on Iran, lawmakers have united around the affordable housing effort. The latest version, led by Republican Sen. Tim Scott of South Carolina and Democratic Sen. Elizabeth Warren of Massachusetts, cleared a procedural hurdle in the Senate on Tuesday by a vote of 89-9. Approval is expected in the coming days. The House of Representatives passed its own version by a similar margin, and both chambers will need to resolve their differences before Trump signs it into law.
Lawmakers are eager to show voters they are addressing the issue ahead of the November 2026 midterm elections, which will determine control of Congress. The debate over affordability has encompassed everything from the cost of eggs to child care, but few items make up a bigger part of family budgets than housing.
Economists say the U.S. has a shortage of about 4 million homes after years of under-construction following the 2008 financial crisis, while local zoning regulations often make it difficult to build in developed areas. In the U.S., home prices have risen by 60% since 2019, according to the Center for Housing Studies at Harvard University.
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