Reed: Trump Scrapping Signing of Housing Affordability Bill is Another Unforced Error That Exposes His Indifference to High Prices

WASHINGTON, DC -- In an effort to lower housing costs and increase the U.S. housing supply by easing regulations, encouraging building, and preventing large investors from outbidding families for single-family homes, Congress overwhelmingly passed a bipartisan housing bill earlier this week.

The 21st Century ROAD to Housing Act updates requirements for manufactured housing; limits the ability of private equity investors on Wall Street to buy up homes that could go to families instead; creates an innovation fund for communities increasing housing supply; helps families living in federally-assisted housing build more savings and achieve greater economic independence; and supports housing opportunities for veterans, among other things.

But today, President Trump abruptly canceled a planned signing ceremony for the bipartisan housing reform bill, which passed 85-5 in the U.S. Senate and was then approved on a vote of 358-32 in the U.S. House of Representatives.

President Trump declared he would not sign the bill into law until Congress passes his unpopular, slipshod, hyper-partisan elections bill, the so-called SAVE Act, which would grant President Trump unprecedented power over U.S. elections. Even leading Republican election officials have called Trump's so-called SAVE Act "impossible to implement, on top of all of its other problems."

U.S. Senator Jack Reed (D-RI), a strong supporter of the housing affordability bill and the author of several key provisions of the legislation criticized President Trump for making life more expensive for all Americans and holding the housing bill hostage.

"The American people need financial relief from President Trump's tariffs, reckless Iran war, and stagnant economy. Congress passed a bipartisan bill to lower housing costs and tackle affordability. but instead of signing it, President Trump tries to hold it hostage and demand that Congress grant him new, unprecedented and unconstitutional powers that would disenfranchise millions of eligible American voters in the upcoming election. This is just another example of how President Trump's unfocused weaknesses continue to drive up prices and slow economic growth for American families. President Trump's top priority is more power for himself, not the economic health and wellbeing of hardworking Americans. The economy and people's bank accounts would be better off today without President Trump's costly tariffs and policy blunders," said Senator Reed.

Before President Trump cancelled the signing ceremony, the Chairman of the Senate Banking, Housing, and Urban Affairs Committee, Tim Scott (R-SC), noted the bipartisan bill was the result of "years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership."

The strong, bipartisan passage of this overdue bill came shortly after a recent Zillow analysis showed the cost of buying a starter home has now topped $1 million or more in a record 242 cities nationwide.

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