Senate Minority Leader Chuck Schumer recently spoke on the Senate floor regarding the 21st Century ROAD to Housing Act, contrasting his focus on addressing the housing affordability crisis with the political activities of Donald Trump.
Schumer emphasized that homeownership is integral to the American dream for working families, providing a path to build equity and secure a future for their children. He highlighted the current difficulty of achieving this, noting that the median age for a homebuyer in America is now 40, and high down payments, combined with rising costs, have placed homeownership out of reach for many. He cited that a record 242 cities in the U.S. now feature typical starter homes valued at $1 million or more.
Regarding the legislation, Schumer described the Road to Housing Act as a vital step in addressing the housing shortage. The bill aims to streamline zoning bottlenecks that have historically hindered construction nationwide. Additionally, it supports the development of manufactured and modular housing and promotes the conversion of old office buildings into residential units. The legislation also includes provisions to curb institutional investors from squeezing families out of the housing market.
Schumer characterized the bill as a “strong start” but insisted it is only the beginning of broader efforts to lower costs for families. He pledged to continue working across the aisle on innovative solutions to address the affordability crisis and concluded by thanking Senators Warner and Warren, as well as the members of the banking committee, for their leadership on the package.
