Congress Advances Bill to Address Housing Affordability and Supply Issues
The U.S. Congress is actively working on legislation aimed at addressing the dual challenges of high housing costs and limited housing supply. A recent report highlights that the housing market is particularly unaffordable for middle-class families, with home prices rising faster than incomes. The report, from Realtor.com and the National Association of Realtors, indicates that middle-income families, earning around $75,000 annually, can now afford less than a quarter of homes on the market, a significant drop from pre-pandemic levels. The proposed bill in Congress seeks to alleviate these issues by encouraging construction and reducing regulatory barriers for builders. It includes measures to streamline building codes for modular homes and limit corporate investors from purchasing large numbers of homes, thereby reducing competition for individual buyers. 
