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Congressional Housing Package: On Thursday, the U.S. Senate passed the 21st Century ROAD to Housing Act (89-10). While the package retains many pro-supply provisions from the initial House and Senate proposals, it regrettably still includes damaging policy language that would stifle investment into build-to-rent (BTR) and ultimately remove a flexible and affordable housing option for Americans and their families. Read live updates.
Deeper Dive: NAA’s Bob Pinnegar and NMHC's Sharon Wilson Géno said in a joint statement that “unfortunately, the promise of this overwhelmingly pro-housing legislation is now undermined by the eleventh-hour addition of a provision that will have an immediate chilling effect on housing supply, affordability and investment.” Read more.
New Construction: As rising construction costs and inflation persist, NAA’s Vice President of Research George Ratiu says, “In 2025, permits declined 3.6% and starts slid 0.6% year-over-year. In addition, builders completed 1.5 million total housing units, a 7.9% decline from 2024. The apartment market saw further retrenchment, as multifamily completions in buildings with five or more units dropped 20.3% compared with the prior year. Read more on the impact in the industry.
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