House passes sweeping bill to lower housing costs, sending it to Trump’s desk

BREAKING NEWSJun. 23, 2026, 11:28 PM UTCCongressCongressHouse passes sweeping bill to lower housing costs, sending it to Trump’s deskThe bill, a rare bipartisan breakthrough this Congress, will put restrictions on large investors buying up single-family homes and seek to build new houses.Listen to this article with a free account00:0000:00A "For Sale" sign outside a home in Rancho Cucamonga, California, on May 9. Kyle Grillot / Bloomberg via Getty Images fileShareAdd NBC News to GoogleBy Sahil KapurWASHINGTON — The House passed a major housing affordability bill Tuesday aimed at boosting the supply of homes and cracking down on large investors buying up houses.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.The bill passed 358-32, one day after clearing the Senate by a vote of 85-5. It now goes to President Donald Trump, who is supportive and expected to sign it into law.It marks a rare bipartisan achievement for a largely gridlocked Congress in Trump’s second term, giving Republicans who control both chambers a desperately needed victory on the politically potent issue of lowering costs just months ahead of the midterm elections.The 21st Century ROAD to Housing Act includes grant funding and pilot programs to build new homes. It also eases some regulations and empowers local governments to expedite reviews to construct housing. And a key section titled “Homes Are For People, Not Corporations” imposes limits on any “large institutional investor” from buying single-family homes.The bill had stalled for months amid disputes between the House and Senate. But a breakthrough came last week after key committee leaders in both chambers struck a deal, namely Sens. Tim Scott, R-S.C., and Elizabeth Warren, D-Mass., and Reps. French Hill, R-Ark., and Maxine Waters, D-Calif.It comes as the national political environment deteriorates for Republicans ahead of the 2026 midterms. Trump’s approval rating is just 37% in a...