WASHINGTON, D.C. – Both the House and the Senate are working to finalize their biggest housing package in years. Senators on both sides of the aisle said buying a home is part of the American dream but that dream is unreachable for many Americans due to high costs and low supply.
Housing affordability remains a key concern among Americans. According to online data the rate of homeownership in the US was 65 percent last year and it remained relatively unchanged from the year before. Data also shows home prices have surged over the past few years and supply can’t keep up.
“You have lots of young people and families that can’t afford homes and the reason homeownership is so important is that it’s the American dream,” said Sen. Dave McCormick (R- PA). “It gives you the stability, it gives you financial wherewithal, your wealth grows with homeownership and you can build a family around that so that’s why it’s such a big deal.”
On Thursday the Senate moved forward with a procedural motion on an updated bipartisan housing affordability bill. Senators share some of the bill’s highlights:
“We don’t have enough supply and this bill is largely focused on supply,” said Sen. McCormick. “It’s focused on creating incentives for refurbishments of existing homes with a particular focus on affordable housing. It makes it easier for developers to have certainty. Theres a number of amendments in this bill that I’m responsible for particularly around veterans. Senator Fetterman and I have partnered on this.”
McCormick adds that it aims to cut down a lot of red tape bureaucracy to build new homes.
“Number one it frees up more money for communities like Marquette or Escanaba or whatever to build more affordable housing,” said Sen. Elissa Slotkin (D- MI). “Rental assistance for more people. You can apply to the Michigan Housing Authority for more money and more help with your rent. And number three it stops wall street from being able to buy up our housing.”
This package is one of the few pieces of legislation that has bipartisan and bicameral support. Senators we spoke with said a top issue they want to fix in their home states is housing.
“When I talk to New Yorkers they struggle to afford rent, mortgage rates are too high and people cannot afford to own a home or live in an apartment they can afford,” said Sen. Kirsten Gillibrand (D- NY). “So, this bill will go a long way to improving our access to affordable housing.”
