The Scoop
Staff memos circulated internally ahead of the Senate Banking Committee’s first hearing on housing today, seen by Semafor, provide a useful roadmap as lawmakers try to build bipartisan momentum for legislative fixes to sinking affordability.
Republicans’ memo focuses on rolling back regulations instead of spending more; Democrats’ memo highlights factors like interest rates, private equity, wage growth, and utility costs. The documents align with ranking member Sen. Elizabeth Warren’s plans to tout legislation the Massachusetts Democrat reintroduced this week that would inject billions into the sector — plus bipartisan proposals on rural housing, credit reports, and voucher programs — as well as Chair Tim Scott’s intent to champion his own plan to scale back federal programs.
“Congress should focus on reforming the current housing subsidy framework before continuing to fuel more demand-side subsidies,” Republicans’ memo argues.