Leader Schumer Floor Remarks In Support Of The Bipartisan ROAD To Housing Bill And The Need To Continue Working On Housing Affordability

Washington D.C. - Today, Senate Democratic Leader Chuck Schumer (D-NY) spoke on the Senate floor ahead of the Senate vote to advance the bipartisan ROAD to Housing bill and noted the urgent need to expand on legislation to make housing more accessible for all. Below are Senator Schumer's remarks which can also be viewed here.

For too long, Americans have struggled with rising housing costs that hurt renters and homeowners alike. Most Americans don't know this tragic fact, that the median age of a new homebuyer in America is now 40 years old - 40 years old.

The housing shortage is nothing less than an existential threat to the American dream.

Americans feel financially stuck as renting and buying a home keep getting more and more expensive, more and more out of reach.

Lowering housing costs is absolutely essential to ending the affordability crisis plaguing working families across the country.

The ROAD to Housing bill is a very important and good strong first step to making housing more affordable.

This bipartisan package includes as I said many bills led by Senate Democrats over the years to expand housing supply to lower costs.

The bill tackles local zoning and permitting that has kept housing supply from growing. I have long spoken out against the NIMBYism that kills so many projects in our communities that are desperately needed.

Our legislation supports new manufactured and modular housing so we can build more, faster, and it will revitalize blighted properties and convert these buildings into new housing. That includes building more housing in rural communities that need more housing than ever before.

This bill also increases housing fairness and access, including addressing housing needs for veterans and reducing homelessness. Crucially, our bill will bring more certainty in our disaster response to help communities recover.

And this bill makes sure people are not squeezed out of the market of buying a home by institutional investors.

I want to reiterate that this isn't the end of the road - far from it - it's just the start. And in future years we need to do far more to make that dream of owning a home a reality for more and more and more Americans. We need to do so much more, and much more will be needed to address the nation's housing cost crisis.

Senate Democrats will continue to make that a top priority. We've wanted this to be a priority for a long time and finally we have taken that first step with the cooperation of our Republican colleagues. We need to make priority: downpayment assistance to reducing mortgage insurance costs and doing even more to expand housing supply as well as to lower costs.

So, congratulations again to Senator Warren, to the many Senate Democrats who have led critical pieces of this bill, and to the whole chamber, Democrats and Republicans, for finally taking a much needed step in reducing cost of housing and increasing its supply.

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