The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on solutions to housing affordability, with Chairman Tim Scott framing deregulation and greater state and local control as central to increasing housing supply. He also used the hearing to spotlight his proposed ROAD to Housing Act as a vehicle for targeted reforms across the housing market. In his opening remarks, Scott pointed to worsening affordability indicators, including average mortgage rates rising from just under 2.67 percent in January 2021 to 7 percent by 2024, rents increasing by nearly 25 percent over the same period, and homelessness reaching a record high, including an 18 percent increase in 12 months and a 30 percent increase since COVID ended. He argued that regulatory barriers and “government interference” across federal, state, and local levels are constraining supply, and described the ROAD to Housing Act as aiming to reduce regulatory barriers, streamline development processes, and improve the effectiveness of taxpayer spending. Witnesses included Dallas Mayor Eric Johnson, United Wholesale Mortgage Chief Innovation Officer Lee Jelenic, Harvard University academic Edward Glaeser, and National Low Income Housing Coalition Interim President and CEO Renee Willis. Scott urged bipartisan engagement to advance the ROAD to Housing Act and emphasized that housing policy should not be treated as a partisan issue.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-03-12
U.S. Senate Committee on Banking, Housing and Urban Affairs holds housing affordability hearing highlighting deregulation and the ROAD to Housing Act
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on housing affordability. Chairman Tim Scott advocated for deregulation and increased state and local control to boost housing supply. Scott highlighted his ROAD to Housing Act, aiming to reduce regulatory barriers and streamline development. He emphasized bipartisan support, citing rising mortgage rates, increased rents, and record-high homelessness as critical issues.