First major housing bill in 30 years.

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One Essential Read

One Essential Read

Recommended by Kate Turton, Newsletter Editor

US lawmakers advance bill to lower housing prices

 

A construction worker is shown at work on a multi-unit residential housing project in Encinitas, California. REUTERS/Mike Blake

Housing is a hot button issue and in a rare bipartisan effort to address it, Senate is working on a package aimed at bringing down housing costs, potentially setting up a final vote by the end of the week. Senators voted 89-9-1 on the bill, with most "no" votes coming from conservative Republicans. The legislation is known as the 21st Century ROAD to Housing Act.

It would green-light incentives to build new homes, kick-start a program to convert abandoned buildings into housing, and allow for new renovation grants. If passed, it would become the first major housing bill in roughly three decades.

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