Mike Flood: “I thank Chairman Hill; Ranking Member Waters; and my counterpart on the Housing and Insurance Subcommittee, Ranking…”

“I thank Chairman Hill; Ranking Member Waters; and my counterpart on the Housing and Insurance Subcommittee, Ranking Member Cleaver, for all of their work on this package. This is how Congress is supposed to work. We all worked hard to bring forth a bipartisan housing bill that addresses housing affordability. The Housing for the 21st Century Act cuts costs, slashes red tape, and will increase housing supply. There is no question that the legislation before us is a historic rewriting of our housing laws to bring our housing market into the 21st century. According to the National Association of Realtors, the median annual existing home price in 2024 was up 69 percent relative to 1995, and that figure is adjusted for inflation. The realtors also have data showing that the median age of a first-time home buyer is 40 years old. This is an absolutely astounding figure. Some estimates put the gap between housing supply and demand at about 3.85 million units, while other estimates show it to be 5 million units. This housing affordability challenge affects everyone, from young people saving up for their first home, to middle-class workers who are working as hard as they can to provide for their family and are just trying to make the rent. There is no silver bullet for fixing this problem, but I think that this bill, this legislation, includes a range of meaningful housing reforms that will add to housing supply and ultimately decrease housing costs.”