Being able to buy a new home is one of the affordability issues that many are dealing with right now.
See more on the U.S. House bill in the video below
Some are struggling with saving for a down payment, affording high housing costs, and house hunting with limited or low inventory.
In February, I told you about legislation introduced by a bipartisan group of lawmakers in the Michigan State Legislature, with hopes of increasing housing inventory to bring prices down.
Watch below: Bipartisan legislation aims to lower cost of housing in Michigan
Now, there's a new movement in Washington DC aimed at addressing a chronic U.S. housing shortage.
According to the House Financial Services Committee, the U.S. is short as many as 5.5 million homes, attributed to "rising construction costs...regulatory delays...and outdated zoning constraints."
A new bipartisan bill that just passed in the House aims to fix the problem by cutting red tape.
It allows builders to use pre-approved designs to speed up construction, and stops large investors from buying up single-family homes.
“All of us want to see lower housing costs, but we need to change laws. We need to simplify some of the laws so that we can lower those housing costs," Rep. Steve Scalise said.
“There are a lot of problems with affordability," Rep. Pete Agular added. "This is something that we can affect. This is a strong bill, a collection of a lot of ideas.”
It's not clear if the U.S. Senate will pass the bill. The earliest it could come up for a vote is next month.
Last week, the White House said if the Houses's bill were presented to the president in its current form, his advisors would recommend he sign it into law.
