Axios Live: Housing is "having its moment" in Congress right now, expert says

WASHINGTON – There is bipartisan support among federal lawmakers for policies to address America's housing crisis, speakers said at an Axios event.

Why it matters: Dreams of homeownership increasingly seem out of reach for many young Americans who are priced out of today's competitive market.

Axios' Neil Irwin, Courtenay Brown and Stef Kight spoke with Sen. Bernie Moreno (R-Ohio), Bipartisan Policy Center executive vice president Dennis Shea and Sen. Tina Smith (D-Minn.) at the July 29 event, sponsored by FICO.

What they're saying: "There [are] obviously a lot of things that happen in D.C. that [are] hyper-partisan, but one thing that shouldn't be, and right now, knock on wood, is not partisan, is this idea of homeownership," Moreno said.

• "Unfortunately, for a lot of young people … homeownership seems extraordinarily elusive, and that can't be the case," Moreno said.
• Smith added: "I would argue, and lots of folks would argue in Congress, I think both Republicans and Democrats, that the problem is that we have a severe housing shortage in this country."
• She estimated the gap between those seeking housing and what's available in the market to be in the millions.

State of play: The biggest obstacles for homeownership today are elevated interest rates and rising prices, Shea said, adding that home sale prices have risen 31% since 2019.

• High interest rates are driving up homeownership costs, Moreno said, labeling Federal Reserve Chair Jerome Powell as "incompetent" as Powell faces increased pressure from President Trump to cut rates.

The big picture: Several pieces of legislation aimed at expanding the affordable housing supply have garnered bipartisan support from lawmakers. An understanding of the challenges the housing crisis presents has grown in recent years, Smith said.

• The ROAD to Housing Act of 2025 led by Sens. Tim Scott (R-S.C.) and Elizabeth Warren (D-Mass.), advanced in the House this week. "It will be certainly the most significant housing legislation that I've worked on since I got to Congress," Smith said.
• "I think that this bill is going to make a significant impact on federal policies that can support the preservation of affordable housing, and also building more housing and getting at that supply problem."

The bottom line: "I'm of the view that housing is having its moment right now in Congress," Shea said.

Content from the sponsored segment:

In a View From the Top conversation, Julie May, vice president and general manager of B2B scores at FICO, explained how FICO scoring models could help to expand homeownership.

• The FICO score helps assess risk in lending decisions and is used in 90% of lending decisions in the United States, May said.
• The latest model of the FICO score provides better insights into borrowers' debt and payment habits using credit reporting agency data, she said. "What that little better picture means is that we can actually improve the results for potential homeowners and borrowers, as well as for the lenders who are offering them terms and conditions."