The proposal had secured significant momentum, passing the House 358-32 and the Senate 85-5 earlier this week. Lawmakers intended the bill to tackle the affordable housing shortage by streamlining environmental review processes and curbing institutional investors' ability to dominate the single-family home market.
High mortgage rates and persistent supply chain bottlenecks have intensified public pressure on the administration to act. By invoking a national emergency to block the measure, the President has bypassed the legislative path just as the economic strain of housing costs has moved to the center of voter concerns.
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