A bill to renew the 'American Dream' of housing just passed a Congressional hurdle
The Renewing Opportunity in the American Dream to Housing Act of 2025 was sponsored by Senator Tim Scott, a Republican from South Carolina, and Senator Elizabeth Warren, a Massachusetts Democrat. The legislation aims to 'increase the supply of affordable housing in America' through a wide range of policies, including increasing construction, making small mortgages more attainable, reforming the appraisal process and supporting manufactured housing, among others.
The legislation 'would be the most impactful and comprehensive piece of housing legislation since the Great Recession,' which began in 2007, said analysts at the Bipartisan Policy Center in a summary published after the bill passed through the Senate Banking, Housing, and Urban Affairs Committee.
One hint at just how comprehensive the bill is: it incorporates part of at least 27 previously introduced pieces of legislation, the summary explained, of which 23 were introduced with bipartisan sponsors.
The national housing crisis has deepened – and it's also becoming more wide-reaching. Both parties' major presidential candidates focused on it on the campaign trail last fall, and legislators around the country remain concerned.
Shaun Donovan, CEO and president of Enterprise Community Partners, who served as secretary of the Department of Housing and Urban Development in the Obama administration, told USA TODAY in December, 'There is a political imperative that is much broader than I've ever seen around housing' as nearly every pocket of America, not just pricey coastal cities, becomes unaffordable.
Home prices hit a new all-time high in 2024, with the median at $412,500. Using the traditional lender ratio of 31% debt-to-income, a borrower would need an annual income of at least $126,700 to afford a mortgage payment on a home of that price.
'Many people around the country, frustrated with the way we do American politics, wonder, is there any issue that brings this nation together?' said Senator Scott, who chairs the Senate Banking Committee, during the July 29 session. 'I'm here to say hallelujah! We have found one. It is housing.'
Read next: The housing crisis threatens the American dream. What's next?
Industry groups, including the National Association of Home Builders, the National Association of Realtors, and the Mortgage Bankers Association, released statements in support of the legislation.
But even as advocates cheered the committee's step, some cautioned that the bill has a long way to go before it becomes law. The House of Representatives will take it up in the fall, noted the Bipartisan Policy analysts, adding, 'the bill proposes to enhance many existing federal housing programs and create new ones, but does not uniformly propose funding levels for these changes nor propose offsetting budgetary savings or revenue increases.'
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New York Post
22 minutes ago
- New York Post
Warner Bros. boss David Zaslav is the real ‘Man of Steel' in shifting media landscape
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The Hill
22 minutes ago
- The Hill
Whole Hog Politics: Senate primaries take shape, adding a glimmer of hope for Dems
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In a letter dated Tuesday and addressed to OSC senior counsel Charles Baldis, the senators pointed to President Trump's July 15 remarks from the White House, when he addressed Texas's redistricting push and 'stated that the purpose of the effort is to draw new district lines where 'I think we'll get five' Republican House seats to replace current Democratic members of Congress.' The lawmakers also pointed to reporting that senior administration officials met with Texas House Republicans 'to discuss a White House push to redraw its congressional map ahead of the midterms,' according to the letter.' SHORT ORDER Democrats retake lead on partisan affiliation — Gallup After shooter's rampage, Mamdani tries to reframe 2020 claim that the NYPD was 'racist, anti-queer & a major threat to public safety.' — NYT Nadler draws heat from 26-year-old primary challenger — The Hill Voters say Republicans and Democrats can't agree on basic facts — Pew Research Center Kamala Harris passes on California governor bid — The Hill Exit strategy: Hegseth said to be exploring run for office in Tennessee — NBC News TABLE TALK: COMING TO A CAMPAIGN AD NEAR YOU 'But, in a way, it is a backdoor for privatizing Social Security.' — Treasury Secretary Scott Bessent speaking at an event hosted by MAGA outlet Breitbart about the government savings accounts for kids created by the Trump budget bill. MAILBAG ' Great analysis, Chris, though you were on another well deserved holiday as you were MIA on your Sunday show on NewsNation. Oh, I hope [ Eliana Johnson ] is doing well, has she delivered? We look forward to the [Ink Stained] Wretches back together. Again welcome back and I hope you all are enjoying the dog days of August.' — Helen Camba, Falls Church, Va. Ms. Camba, I was about to take issue with the 'another' bit about my holidays, when I realized that I have, indeed, been away quite a bit this year — at least by my own standards. But, in my defense, there was a wedding and a honeymoon this spring, most worthy causes for celebration. I promise, though, that I'll be on set and in your inbox through the rest of the summer and fall. And, yes, my fellow former Wretch, Eliana, did have her second child. Mother and baby are very well indeed. As for a resumption of the podcast, I think we may have heard the last of it. But there are new projects in the pipeline, about which I will dutifully keep you informed. All best, c You should email us! Write to WHOLEHOGPOLITICS@ with your tips, kudos, criticisms, insights, rediscovered words, wonderful names, recipes, and, always, good jokes. Please include your real name — at least first and last — and hometown. Make sure to let us know in the email if you want to keep your submission private. My colleague, the recuperating Meera Sehgal, and I will look for your emails and then share the most interesting ones and my responses here. Clickety clack! FOR DESSERT: MONKEY BUSINESS WSJ: 'At a cliff-side temple on the tropical island of Bali, an unexpected group of criminals is running one of the world's most sophisticated scam operations. … Primate researchers have found that the macaques steal belongings to use as currency to trade with humans for food. 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Meera Sehgal contributed to this report.
The Hill
22 minutes ago
- The Hill
Trump calls on Federal Reserve board to wrest full control of central bank from Fed Chair Powell
WASHINGTON (AP) — President Donald Trump on Friday called for the Federal Reserve's board of governors to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates. Posting on his Truth Social platform, Trump called Powell 'stubborn.' The Fed chair has been subjected to vicious verbal attacks by the Republican president over several months. The Fed has the responsibility of stabilizing prices and maximizing employment. Powell has held its benchmark rate for overnight loans constant this year, saying that Fed officials needed to see what impact Trump's massive tariffs had on inflation. If Powell doesn't 'substantially' lower rates, Trump said, 'THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!' Trump sees the rate cuts as leading to stronger growth and lower debt servicing costs for the federal government and homebuyers. The president argues there is virtually no inflation, even though the Fed's preferred measure is running at an annual rate of 2.6%, slightly higher than the Fed's 2% target. Trump has called for slashing the Fed's benchmark rate by 3 percentage points, bringing it down dramatically from its current average of 4.33%. The risk is that a rate cut that large could cause more money to come into the economy than can be absorbed, possibly causing inflation to accelerate. The Supreme Court suggested in a May ruling that Trump could not remove Powell for policy disagreements. This led the White House to investigate whether the Fed chair could be fired for cause because of the cost overruns in its $2.5 billion renovation projects. Powell's term as chair ends in May 2026, at which point Trump can put his Senate-confirmed pick in the seat.
