Here’s what to know about what’s in the landmark package.
Relaxing regulations to boost homebuilding
The bill seeks to enable more and faster homebuilding to increase the housing supply, including by streamlining environmental reviews and encouraging state and local governments to reform zoning rules and other regulations.
“If we want to bring down the cost of housing, we’ve got to build a lot more,” Warren told NPR. “And what I love about this bill is that it has more than 40 different provisions in it, all of which aim in the same direction, which is to give a push toward building more housing.”
One section of the legislation seeks to “cut red tape around environmental reviews, empowering state, local, and tribal governments to streamline reviews and increase housing development,” a summary of the bill from the Senate Committee on Banking, Housing, and Urban Affairs states.
Others would create programs to offer grants or loans for state, local, and tribal governments “to assist planning and implementation activities associated with affordable housing”—including making updates to regulatory requirements and zoning codes—and to award those that successfully increase housing supplies in their communities.
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