Trump says he’s not signing the bipartisan housing bill until SAVE Act is passed

Yesterday could have been the day that one of the most important home construction bills since 1990 was signed into law…but it wasn’t.

The Road to Housing Act, a rare bipartisan piece of legislation, cleared the Senate on Monday and the House on Tuesday and was set to be signed by President Trump yesterday. A White House spokesperson praised the bill on Tuesday night, but two hours before a scheduled signing ceremony, President Trump served up contradictory vibes and announced via social media that he wouldn’t sign it until the SAVE America Act was also passed.

It looked like Washington was on the same page: The landmark housing bill finally came together this week after months of back and forth, as legislators sought a win ahead of midterms. But Trump has recently locked in on passing the SAVE Act, which would tighten voting requirements in the US, despite Congressional supporters of the bill from his own party saying it doesn’t have the votes to pass.

But the housing bill isn’t dead: Unless Trump vetoes it, the bill will automatically become law in 10 days. And the bill has enough votes to override a veto.

So, what’s in it?

It won’t lower your mortgage or rent overnight, but housing experts are cautiously optimistic about what’s in the bill, which would:

• Speed up environmental reviews on some building projects, encourage local governments to adopt land-use and builder-friendly zoning policies, and tie federal money to local housing production.
• Remove a federal requirement for manufactured homes (as opposed to houses built on-site) to have wheels, cutting costs and expanding where these cheaper homes can be built.
• Introduce a pilot program that would offer loans and grants for renovating old and abandoned homes, and expand access to convert former office buildings into apartments.
• Cap how many single-family homes private equity can own (a cause Trump supports).

But…the bill includes few incentives for affordable housing and doesn’t address the skyrocketing costs of labor, building materials, or interest rates.

Zoom out: Despite yesterday’s hiccup, the bill’s passage shows that housing affordability is a key issue for both parties.—MM