Senate Minority Leader Chuck Schumer told a group of people in the housing industry last week that he’s open to supporting the House version of an embattled housing affordability package if it were to pass in the House and emerge as the most viable path towards a final bill, said three people familiar with the conversations who were granted anonymity to speak about private discussions.
The House is expected to pass its bipartisan housing bill on Wednesday and send the legislation back to the Senate.
The House bill would amend the Senate-passed 21st Century ROAD to Housing Act that received 89 votes in March and was endorsed by the White House. The two bills are largely similar and aim to increase housing supply and affordability and individual homeownership.
Republican and Democratic lawmakers view passage of the bill as a key policy win during an election year that is increasingly being dominated by voters’ concerns over rising costs.
The House legislation would significantly scale back the Senate bill’s restrictions on large investors buying up houses and add some additional Democratic and Republican priorities. The House bill earned the support of both House Financial Services Chair French Hill (R-Ark.) and ranking member Maxine Waters (D-Calif.) and is expected to move under special fast-track procedures that will require significant bipartisan support. House GOP leaders have been adamant that they do not have the support to pass the Senate-passed housing package as-is.
A spokesperson for Schumer said it was “not true” that the New York Democrat is in support of the House’s bill.
“Leader Schumer supports the Senate-passed housing bill and wants to get a good housing bill done that meaningfully takes on the housing affordability crisis facing American families. That’s why, the House should take up the Senate bill,” the spokesperson said.
Senate Banking Chair Tim Scott (R-S.C.) and ranking member Elizabeth Warren (D-Mass.), the architects of the Senate-passed housing bill, have both continued to push back against the House version, urging their colleagues on the other side of the Capitol to pass the Senate’s language.
The White House is also pressuring the House to pass the Senate bill, arguing that the Senate’s language on large institutional investors better aligns with President Donald Trump’s priorities for cracking down on Wall Street’s role in the housing market.
However, the housing industry has largely backed the housing language from the House. A coalition of more than 30 national housing-related groups sent a letter to House leaders Monday urging the chamber to pass the housing package immediately. Other housing groups, which had previously spoken out against the Senate-passed housing bill, publicly supported the House’s version over the past few days.
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