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21st Century ROAD to Housing Act becomes law, targeting housing supply
HousingWire notes experts say the bill could take time to ease affordability, with mortgage rates still elevated and prices near records.
The 21st Century ROAD to Housing Act has become law, marking the most significant federal housing legislation in more than three decades, as HousingWire reports. The bipartisan measure is designed to expand homebuilding opportunities by reducing regulatory barriers, streamlining permitting, and modernizing federal housing programs.
Supporters say the legislation lays a foundation to address the nation’s long-running housing shortage, but industry leaders warn supply increases alone will not quickly resolve the current affordability crisis. HousingWire points to elevated mortgage rates, record home prices, and stagnant wages as factors that continue to pressure household budgets.
Century 21 CEO Mike Miedler told HousingWire the benefits will take time to materialize. He said agents continue to see an inventory crisis that leaves many first-time buyers outbid repeatedly, and he cautioned the bill offers little near-term relief because higher borrowing costs limit seller participation.
HousingWire also highlights that experts cite other affordability drivers beyond supply, including construction expenses, insurance premiums, and property taxes. The article notes Miedler expects the increased supply could be absorbed quickly, leaving affordability challenges in place in the short term.