The bipartisan Co-Chairs of the Congressional Real Estate Caucus announced on May 15 their endorsement of the latest House version of the 21st Century ROAD to Housing Act, which was introduced by House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters.
The announcement highlights ongoing efforts in Congress to address housing affordability. The statement from Reps. Mark Alford, Lou Correa, Tracey Mann, and Brittany Pettersen said, “As bipartisan Co-Chairs of the Congressional Real Estate Caucus, we have been clear from the start: any housing package must address our nation’s housing affordability crisis. We are grateful to House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters for delivering bipartisan legislation to do exactly that. Last month, we led a letter signed by 76 Members of Congress outlining our serious concerns with Section 901—the ban on build-to-rent—in the Senate’s 21st Century ROAD to Housing Act. Chairman Hill and Ranking Member Waters’ bill adequately reforms this provision, while delivering on our shared commitment to restoring access to the American Dream of homeownership. We are proud to endorse the latest House version of the 21st Century ROAD to Housing Act.”
Previously, these Co-Chairs led a letter signed by 76 Members urging House leadership to remove or revise provisions banning Build-to-Rent homebuilding from the Senate’s proposal before any final vote. They argued such provisions would harm efforts aimed at increasing housing supply and addressing affordability challenges.
The Congressional Real Estate Caucus has 135 members and serves as an informal group focused on educating lawmakers about real estate issues and advocating for bipartisan solutions. The caucus also seeks engagement between Congress, industry stakeholders, and other interested parties.
Real estate accounts for approximately 16% of U.S. gross domestic product (GDP), supports about 2.8 million jobs nationwide, and generates $50 billion in tax revenue each year according to the office of Rep. Mark Alford. The caucus aims for policies that will support continued growth in this sector.
