U.S. House passes bill to slash housing costs and spur new construction
The U.S. House has passed a bill aimed at cutting housing costs and boosting construction. The move comes as home sales remain sluggish for the third year in a row. Rising mortgage rates and high prices have left many buyers struggling to afford properties. Before the pandemic, middle-income families could afford roughly half of all homes on the market. Now, that figure has dropped to less than a quarter. Existing homes have also grown pricier after widespread renovations during lockdowns.
New builds face higher costs too, with land, materials, and labour all becoming more expensive. Mortgage rates briefly dipped earlier this year but have since climbed again, adding to the financial strain. Many homeowners with low-interest rates are now reluctant to move, fearing higher repayments on new properties. The new bill seeks to ease these pressures by speeding up approvals for modular homes and restricting bulk purchases by corporate investors. It is an updated version of an earlier Senate-approved proposal and now awaits final sign-off.
If approved, the legislation could help rebalance the housing market by increasing supply and curbing speculative buying. The measures target both construction delays and affordability issues that have squeezed middle-class families in recent years. The bill’s success will depend on how quickly its provisions take effect.
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