The US Senate passed one sweeping bipartisan housing affordability bill in an 85-5 vote on Monday. The legislation targets lower housing costs, expands affordable housing supply, and limits single-family home purchases by Wall Street firms and large investors. Lawmakers designed additional provisions to remove local regulatory barriers slowing new construction.
The bill additionally bans a future US Central Bank Digital Currency and orders reforms to credit union board governance. Lawmakers framed that housing measures as a direct response to rising home prices and tight rental markets in many states. The measure now heads to the House.