The Senate is moving toward passing the most significant housing legislation in a generation, with Senators Tim Scott and Elizabeth Warren sponsoring a bipartisan package aimed at boosting housing supply and affordability. The White House-backed measure would streamline environmental reviews, expand factory-built housing options, and limit large institutional investors from dominating the single-family market.

After years of high rents and home prices keeping the market frozen, the legislation targets supply-side solutions to address the estimated 1-7 million home shortage. The package would cut red tape for new construction, reauthorize federal development grants, and update mortgage lending standards for manufactured housing. A key provision bars investors owning 350+ properties from purchasing single-family homes, though existing holdings are exempt.

Despite bipartisan support, the bill faces fresh obstacles as President Trump demands a voter ID bill before signing any legislation. Internal Republican disagreements over provisions like a federal cryptocurrency ban could further complicate passage. The Senate is expected to approve the measure as soon as Thursday, sending it back to the House for final passage. Housing experts remain skeptical about the investor limits' impact on the broader crisis, noting that 85% of detached homes are already owner-occupied.