4.7 million. That’s the amount of housing that is in short supply in this country. On Tuesday, Congress passed the most significant response to the shortage in 36 years, but it remains unclear whether President Trump will sign it.
The nation’s supply of condominiums has fallen more than 25% since 1995, from 1.58 million to 1.18 million, and the median age of first-time buyers has risen to 40, according to data from the National Association of Realtors presented in Senate testimony. The Pathway to 21st Century Housing Act is Congress’ most far-reaching attempt to reverse that trend.
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The House passed the bipartisan bill 358-32 on Tuesday, sending it to President Trump’s desk. The Senate passed the same bill 85-5 on Monday. But on Wednesday, President Trump abruptly canceled a scheduled signing event and posted on Truth Social that he had no intention of rubber-stamping the housing bill until Congress passed the SAVE America Act.
In another post, President Trump called the housing bill “unimportant” and described it as a “Warren-centric housing bill,” referring to Massachusetts Sen. Elizabeth Warren, one of the bill’s chief negotiators. It is unclear whether President Trump intends to sign the bill or veto it.
According to NPR, the SAVE America Act would require voters to provide proof of citizenship, such as a valid U.S. passport, birth certificate and photo ID, when registering to vote. The bill passed the House on a near party-line vote in February 2026, but died in the Senate on June 4 after Republican leaders said they did not have the 60 votes needed to break the legislative filibuster. “It’s all about the votes. It’s all about the math,” Senate Majority Leader John Thune told reporters after the vote, according to NPR.
The housing bill would be a major legislative win for Republicans heading into November, according to NBC News, but voters have cited the cost of living as a top concern and some in the party worry that the Iran war’s impact on gas prices could cost them control of Congress.
Contents of the 21st Century Housing and Road Law
According to NAR, the bill combines nearly 50 separate housing proposals aimed at supply, affordability, financing, zoning, workforce development, and real estate revitalization.
On the construction side, the bill would ease federal regulations, streamline environmental reviews, and speed up and reduce costs. It also provides funding to communities that actively add housing to improve infrastructure. This is a provision aimed at reducing one of the region’s most common barriers to new development.
Manufactured homes will be significantly updated. According to the New York Times, factory-built homes no longer need to include steel chassis that meet federal standards, a change that could save thousands of dollars per unit and expand the range of designs that factories can produce. The bill also eases lending rules for manufactured housing and provides grants to rehabilitate existing inventory.
The bill would create a pilot program to expand access to mortgages under $100,000 for rural and entry-level markets and examine regulations that may limit small loan originations that exclude some buyers from financing in lower-cost markets. The shortage is acute for middle-income households, with NAR research showing a market shortage of about 310,000 homes priced under $261,000.
investor cap
The provision, which the agency has been watching most closely, places new limits on corporate ownership of single-family homes. The bill prohibits corporations from owning more than 350 existing single-family homes. This cap does not require the sale of properties purchased before the bill became law.
The Times reported that previous legislation would have required single-family homes built for rental to be sold to investors after seven years. The provision was removed after opposition from home builders and affordable housing advocates. They argued it would prevent new construction.
In his June 12 National Homeownership Month proclamation, President Trump outlined an executive order directing federal agencies to prevent companies from using government-backed funds to outbid homebuyers and called for permanent restrictions on institutional investors.
Industry reaction
National Association of Realtors
Passage of this bill comes after nearly two years of sustained support by NAR and its approximately 1.5 million members. Last week, nearly 8,000 real estate agents traveled to Washington for the Realtor Legislative Conference, holding hundreds of meetings on Capitol Hill in a final push toward passage.
“We are deeply grateful for the leadership and commitment shown by our Representatives, Senators, and the White House to do something big on housing affordability,” said Shannon McGahn, NAR Executive Vice President and Chief Advocacy Officer. “This is the most important housing bill passed by Congress in nearly 20 years.”
NAR 2026 Chairman Kevin Brown testified at a hearing titled “Affordability Agenda” in the Senate Banking, Housing and Urban Affairs Committee, urging lawmakers to move forward with the bill. Mr Brown outlined additional policy priorities, including expanding financing tools for starter homes and increasing the capital gains exclusion on the sale of a primary home.
“You can’t build an advocacy movement like this overnight,” McGahn said. “It took us years to build relationships with policymakers and back up our claims with NAR research and continued engagement from real estate agents across the country.”
American Land Title Association
ALTA CEO Chris Morton praised the bill’s passage in a statement Tuesday, calling it a meaningful step toward addressing supply and affordability challenges.
“Homeownership is an important part of the American dream,” Morton said. “The Pathway to 21st Century Housing Act will make housing available across the country and help more Americans achieve that dream.”
National Consumer Law Center
For housing equity advocates, the bill’s reach extends beyond supply. The National Consumer Law Center praised the bill in a statement Tuesday for provisions targeting low- and moderate-income families and communities of color. The group said these groups face the steepest barriers to homeownership and have the fewest resources to recover if things get worse.
The most important of these provisions is the Disaster Recovery Act reform, which was supported by the NCLC and more than 550 other organizations. The measure authorizes the Community Development Block Grant Disaster Relief Program for three years and includes safeguards designed to ensure that federal disaster assistance reaches the lowest-income survivors, the households most affected and least able to rebuild without assistance.
The bill also takes aim at appraisal bias, requiring mortgage lenders to maintain procedures that allow consumers to request a reappraisal if they believe their home’s value has been unfairly appraised, an issue that disproportionately affects Black and Latino homeowners.
“This bipartisan legislative package moves us closer to a country where all people can rely on housing stability and equity,” said Alice Cohen, Federal Housing Advocacy Director and NCLC Acting Federal Advocacy Co-Director.
Exp Realty
eXp Realty CEO Leo Pareja said the bill signals a change in Washington’s approach to supply issues, but cautioned agents not to expect quick solutions.
“This bill sends a clear message that Washington recognizes that America has a housing supply problem and that Congress is serious about addressing this problem,” Pareja told Inman. “I’ve been predicting for months that mortgage rates are likely to hit a 7 before hitting a 5. If mortgage rates stay high, which I think is a real possibility, it will become even more important to create more housing inventory, improve affordability and increase housing liquidity. We can’t rely solely on lower borrowing costs to build the economy. Housing takes years to build, so this bill won’t create inventory overnight. Still, it’s an important step toward reducing some of the financing and regulatory barriers that slow the development of the housing supply the country needs. ”
what to expect
The bill is a supply-side law, and its impact will depend on how quickly communities build and how lenders respond to the new rules. Even if signed, relief for buyers and renters likely won’t come quickly because it takes time to produce homes and the shortfall accumulated over more than a decade of construction.
Agents can watch for movements in manufactured home inventory as investor caps go into effect, easing of small mortgage originations in local markets, and changes in corporate-owned single-family home inventory.
President Trump called the bill “the most comprehensive and important housing law in our nation’s history” in a June 12 proclamation and rescinded his signature on Wednesday. It remains unclear when or if he will sign the bill.
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