The 21st Century ROAD to Housing Act was officially enacted on July 11, despite not being signed by President Donald Trump.
The ROAD to Housing Act is intended to increase the housing supply by easing pressure created by regulations.
President Trump refused to sign the bill in an attempt to persuade Congress to sign a voter ID bill, saying on social media, “I will not sign the Housing Bill, which has been fully approved by Congress and sent to the White House, in PROTEST over the fact that the United States is not capable of passing THE SAVE AMERICA ACT.”
As Trump let the bill sit without issuing a veto or signing it into law, it went into law by default 10 days later.
While many argue the legislation is a good step in battling the affordability crisis, Keller Williams Realty Las Vegas’ Chery Toste and Shane Beall stated home buying will not begin to increase until interest rates come down. Beall believes housing stock is currently a decade behind in terms of supply.
The law is being introduced as home prices continue to surge. The median home price in the United States recently hit $440.6K, tying its record, according to The National Association of Realtors. The lack of available homes has resulted in increased prices. Once the supply catches up with demand, however, prices are likely to turn around.
