Senate passes bill to slash housing costs

The Senate overwhelmingly passed the bipartisan 21st Century ROAD to Housing Act, 85-5, on Monday, aiming to reduce housing costs.

The legislation comes ahead of the midterm campaign cycle and is expected to pass the House this week and head to President Donald Trump.

The bill includes more than 45 provisions designed to boost supply and streamline production. It restricts private equity firms that already own more than 350 single-family homes from purchasing additional properties, softening an initially proposed all-out ban.

It also waives environmental review requirements for certain housing projects, incentivizes new construction, and includes a three-year authorization for a federal disaster recovery grant program.