Recently a bi-partisan bill, 21st Century ROAD to Housing Act, passed and was made into law. It contains over 40 provisions to help increase the overall supply of housing in the country in an attempt to help make it more affordable. Below from, Bi-Partisan Policy Center, are some key categories that this landmark bill addresses.
Investor Restrictions: Restricts large institutional investors from purchasing single-family homes, with limited exceptions for build-to-rent properties
Supply & Innovation: Creates competitive grant programs for local governments to implement zoning reforms and pre-approved housing designs
While this new law is a huge step forward in housing reform, there are still some key factors that are up to state and local government to implement around land use and zoning, also how these national provisions are applied will determine their ultimate impact.
Supporters of the law have touted it as the most comprehensive housing reform in at least three decades and see it as a possible beginning of a national focus by our legislators to try to tackle the issue of housing affordability. Let’s hope so.
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