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Inside The Major Bill Poised To Reshape The US Housing Market
Authored by Andrew Moran via The Epoch Times,
The United States may be on track to implement the first comprehensive housing legislation in decades.
For the past several years, housing affordability has been a significant subject across the country, with many young people struggling to achieve the dream of homeownership.
Lawmakers on both sides of the aisle have tried to reverse the trend by advancing the 21st Century Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025.
Here is a look inside the sweeping housing package and the path to passage.
Inside the ActAlthough the current administration has examined strategies to expand access to the housing market, the bipartisan legislative initiative aims to bolster supply for middle-class families.
The bill’s main provision is a limit on institutional investors’ purchases of single-family homes.
Both chambers tweaked the proposal.
The Senate approved language that requires major investors who build single‑family rental homes to sell those properties within seven years.
The House’s version still aims to rein in Wall Street’s footprint in the single‑family market, but its latest draft eases the restrictions.
Lawmakers added wider exemptions for institutional buyers of newly constructed rentals, homes needing substantial renovation, and several other categories.
Other measures aim to facilitate more construction, including incentives to build more homes, convert abandoned buildings into housing, and modernize existing homes.
In addition, Washington bolstered eligible income limits for the HOME Investment Partnerships Program, a federal block grant program that state and local governments use to build, maintain, and support affordable housing for low‑income households.
Officials created a Housing Supply Framework to enable best practices in state and local zoning and land use.
The legislative text also expands banks’ authority to make public welfare investments supporting affordable housing. The bill raises the cap for banks’ public welfare investments to 20 percent from 15 percent.
Lawmakers removed the permanent chassis requirement for manufactured homes. The long-standing federal rule required that manufactured homes be constructed on a permanent steel frame to qualify under the federal construction code.
It also includes the Modular Housing Production Act and other reforms to streamline the production of factory-built housing.
There was also some focus on the demand side of the equation. For example, the bill establishes incentives for mortgage lenders to originate small-dollar mortgages—typically less than $100,000—to address the financing gap for low-cost homes. Additionally, Congress updated rules on appraisal standards and fees for these small-dollar loans.
The 21st Century ROAD to Housing Act includes reforms to Veterans Affairs housing policies. The major changes include expanding access to Veterans Affairs home loans, improving consumer protections for borrowers, and enhancing housing support for disabled and homeless veterans.
Congressional PathUnlike other pieces of legislation, the housing affordability bill has moved quickly through Congress—something that President Donald Trump had requested.
Rep. French Hill (R-Ark.), chairman of the House Financial Services Committee, introduced legislation in December 2025. Two months later, it passed 390–9 in the lower chamber.
As it arrived in the upper chamber, senators made substitutions rather than take up the House bill. The amended legislation passed 89–10 and was sent back to the House, where it passed 396–13.
It will now be delivered to the Senate for final approval.
Senate Banking Committee Chairman Tim Scott (R-S.C.) and Ranking Member Elizabeth Warren (D-Mass.) said the bipartisan housing bill will provide relief for families nationwide.
“We worked closely with the White House and our colleagues in both chambers on a bill that puts families first and addresses the housing crisis,” they said in a May 20 joint statement.
“There’s still work to be done and we are committed to continuing to work with the White House and our colleagues in the House on a housing bill that can pass the Senate and get to the president’s desk.”
What the Industry SaysThe housing industry widely lauded Congress for moving ahead with the legislation.
Shortly after the House passed the bill, the National Association of Home Builders noted that it addresses several problems facing Americans today, mainly housing shortages and affordability challenges.
“The bottom line is that the housing crisis is a supply problem,” Bill Owens, the group’s chairman, said in a statement.
“Congress can help by improving access to capital, strengthening workforce pipelines, expanding the availability of buildable lots and reducing excessive regulatory costs and permitting delays.
“If we want to make housing more attainable, we must make it easier and less expensive to build.”
Emily Cadik, CEO of the Affordable Housing Tax Credit Coalition, stated that increasing the banks’ public welfare investment cap to 20 percent will “unlock billions of dollars in new private investment.”
“Additional changes in the updated House legislation will further strengthen our ability to finance more affordable housing to address our nation’s immense need,” Cadik said in a statement.
The House passing the Senate’s amended version would both enhance housing supply and expand access to affordable mortgage credit, said Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
“[The legislation] will help advance meaningful housing affordability solutions for our nation’s homeowners and renters,” he said.
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SpaceX IPO Update: New Filing Reveals Friends & Family Share Allocation, Anthropic AI Deal, And Water Risk
SpaceX has provided fresh details in an amended S-1 filing regarding its upcoming initial public offering, including a directed share program for employees and insiders, a major AI computing agreement with Anthropic, and new risk factors.
The company will reserve up to 5% of shares in its IPO for certain employees and friends and family of its executive officers. The company disclosed that participants on its "friends and family" list will not be subject to a lock-up restriction, allowing them to sell shares immediately upon listing.
While directed share programs are common in IPOs, the lack of lock-up for this group stands out. More than 60% of shares outstanding immediately prior to the offering remain subject to an extended lock-up period, including shares held by founder and CEO Elon Musk.
SpaceX stands as the preeminent launch provider globally, delivering unmatched reliability, cost-efficiency, and launch cadence. As of mid-2026, the company maintains a 100% success rate across dozens of Falcon launches this year and conducts the vast majority of U.S. orbital missions - carrying both commercial and government payloads, including NASA crew and cargo to the ISS as well as national security satellites. SpaceX's Falcon family commands over 80% of the U.S. launch market and the bulk of global mass-to-orbit capability thanks to proven reusability.
Jeff Bezos's Blue Origin, meanwhile, suffered a significant setback last week, when its New Glenn rocket exploded during a static fire test at Launch Complex 36 in Cape Canaveral. The incident destroyed the vehicle and caused extensive damage to the launch pad - including collapsed lightning towers and ground infrastructure - forcing months of repairs and further delaying the company's entry into heavy-lift competition.
Here's our video of the explosion at Launch Complex 36. It happened about 9 pm ET (0100 UTC) as Blue Origin was beginning a static fire test of its New Glenn rocket.
Watch live views: https://t.co/tm2wZQmAVD pic.twitter.com/PmbgQC6Qmq
Blue Origin now faces additional hurdles in catching up to SpaceX, particularly as it seeks NASA Artemis contracts and commercial missions for Amazon's Project Kuiper.
Major AI Computing Deal with AnthropicThe amended filing also discloses that SpaceX has an agreement to provide Anthropic PBC with artificial intelligence computing capacity consisting of approximately 325,000 Nvidia chips. The deal is valued at $1.25 billion per month and runs through May 2029. After an initial three-month period, either party can terminate with 90 days notice.
SpaceX noted in its risk factors that some compute service customers may rely on external capital to meet their payment obligations.
New Risk Factor: Water Scarcity?SpaceX added water scarcity as a formal risk factor. Drought conditions, increased competition for water sources, and potential regulatory restrictions could raise costs or limit the company's ability to cool its data center infrastructure. This reflects growing scrutiny over the high water and power demands of AI data centers.
Bloomberg last week reported that SpaceX is now targeting a valuation of at least $1.8 trillion for the IPO vs. $2T - which Elon Musk said was "false" in response after we surfaced the claim. Either way, the IPO is more or less a major referendum on the AI-fueled bull market.
The company is targeting pricing on June 11 and a trading debut on June 12 under the ticker SPCX on Nasdaq and Nasdaq Texas.
Tyler Durden Mon, 06/01/2026 - 10:15"Firing On All Cylinders, But..." US Manufacturing Surveys Send Mixed Signals In May
With US hard data taking a beating (relative to expectations) last week (red line below), analysts remain hopeful that US Manufacturing will hold up (durable goods orders were solid) with this morning's Manufacturing PMIs set to signal stability.
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The final May S&P Global US Manufacturing rose to 55.1 (down from the 55.3 flash print) but the strongest since April 2022
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ISM's Manufacturing PMI survey also signaled improvement, up from 52.7 to 54.0 (better than 53.0 expected).
"At first glance, the manufacturing sector seems to be firing on all cylinders but lift the hood and the picture is not so clear," says Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
The headline PMI has hit a four-year high, with strong factory production growth for a second successive month in response to a further marked upturn in order books, but since the outbreak of war in the Middle East we have seen production and demand buoyed by stock building as companies worry over rising prices and supply difficulties.
This stockpiling was again widely evident in May and makes it hard to take an accurate reading on the underlying health of the manufacturing economy, as growth will cool once this stock build has run its course," Williamson noted.
"The incidence of supply chain delays is the highest since August 2022, with the buying of safety stocks not only adding to the supply squeeze from the closure of the Strait of Hormuz but also pushing prices higher for a wide variety of inputs.
Williamson ends on a more ominous - stagflationary - notes: warning that the resulting steep jump in producer costs sends a worrying signal that broader economy inflation has further to rise in the coming months.
Tyler Durden Mon, 06/01/2026 - 10:08