Housing Bill Stalls: Trump Seeks Citizenship Proof for Voters
A major housing bill faces a hurdle as Trump demands voter ID legislation. The bill aimed at lowering housing costs had bipartisan support.
A complete housing bill intended to tackle the affordability crisis in the United States has hit a snag. Although Congress gave the 21st Century ROAD to Housing Act a resounding bipartisan thumbs up, President Donald Trump has put his foot on the brakes. He canceled the bill's signing ceremony, saying he won't sign until Congress ties voting rights to proof of citizenship. With the House passing it 358-32 and the Senate 85-5, the bill seemed poised for swift enactment.
The bill's ambitions are clear: reduce federal regulations, speed up home construction, and limit the sway of corporate landlords. The goal? To make housing more affordable for renters and aspiring homeowners across the nation. Housing prices have surged by 54% since 2020, and mortgage rates aren't helping the situation. Renters haven’t had it easy either, with median U.S. rents 17.2% higher than pre-pandemic levels. However, reading the legislative tea leaves, the bill's immediate impact would be more symbolic than practical. It lays groundwork, but real change takes time.
According to two people familiar with the negotiations, the housing market's current state is dire, with a 30-year low in home sales due to climbing mortgage rates. This reality bill's significance. Yet, even if signed today, its provisions would take time to influence the market. Builders and homebuyers would benefit downstream, but the immediate effects would be minimal.
The question now is whether Trump's demand for citizenship proof will derail this legislative effort. Could this be a calculated move to tap into a housing package to force contentious voter ID laws? The bill still faces headwinds in committee, and if Trump's veto does come, Congress would need to flex its veto-proof majority muscle again.
So, what does this mean for the crypto space? With real estate historically seen as a stable investment, any shift in housing availability impacts where investors might turn their attention. As traditional markets face uncertainty, crypto could see an influx of interest. For now, the housing bill sits in limbo, the complexities of legislative process and political chess.