Axios

WASHINGTON — Capitol Hill lawmakers are working across the aisle to cut through red tape and build more homes, though a compromise over rules on certain rentals is a sticking point, speakers said at an Axios event.

Why it matters: With an estimated shortage of 4.7 million U.S. homes, leaders from both parties are moving on the overall goal of supply, even as they work through negotiations on the fine print of a federal housing bill.

Axios chief economic correspondent Neil Irwin and Axios Local D.C. reporter Cuneyt Dil moderated discussions with Rep. Ritchie Torres (D-N.Y.), Rep. Mike Flood (R-Neb.) and Washington Housing Conservancy CEO Kimberly Driggins. The May 21 event was sponsored by Zillow.

What they're saying: "Housing is having a moment in Washington, D.C., and it's more than a moment, it's a movement," Torres said, citing the major housing package that passed the House 396-13 on May 20.

• "The American zeitgeist is moving decisively in the direction of housing abundance."

Between the lines: The bill's future remains uncertain because of a Senate rule requiring corporate developers to liquidate single-family rental portfolios within seven years.

• "The seven-year rule makes build-to-rent housing unfinanceable and therefore unbuildable and reduces housing supply," Torres said.
• "We worked with [Rep.] Maxine Waters [D-Calif.], worked with the White House to make those surgical changes," Flood said. He added that compromises meant "we didn't get everything we wanted, [but] I think we're on a good path now."

Affordability concerns, lack of infrastructure, red tape and geographic isolation block housing access across markets, the panelists said.

• "In rural America, infrastructure is the No. 1 impediment to housing availability," Flood said, explaining that smaller towns lack the water and sewer lines needed to build starter homes.
• "In New York City, it takes on average 200 days just to rent out an affordable housing unit that has already been constructed," Torres said.
• "Affordable housing is not just a unit," Driggins said. "It's really about the location. It's really about the connection, it's really about the opportunity that a home provides."

By the numbers: Credit scoring is outdated and makes it harder for younger Americans to buy a home, according to Torres.

• He wants a federal requirement that agencies include rental payment history to boost those who pay on time but carry no other debt. "Without a credit score, you have no access to credit," Torres said.

Content from the sponsor's segment:

In a View from the Top conversation, Zillow senior vice president and general manager Zuhairah Washington discussed how data and technology can help buyers navigate a tough market.

• "A key pillar of what we look to do is what we call turn on the lights and build transparency, and making sure that everyone has access to information they need to make homeownership a reality."

Consumer confidence soured in early May, according to the Conference Board, though the reading shows a far less bleak economic mood than its peer survey from the University of Michigan, which plumbed new lows Friday.

Why it matters: Directionally, the two surveys send the same signal: Consumers are downgrading their economic views as the war-driven energy shock weighs on household budgets.

• But whether consumers feel worse about the economy now than at any other point in the past half-century depends on which survey you reference.

Eli Lilly on Tuesday said that it has agreed to pay up to $3.8 billion in cash to buy three vaccine developers: Curevo, LimmaTech and Vaccine Co.

Why it matters: GLP-1 riches are being repurposed to prevent infections.

Reports from Nvidia and Walmart last week wrapped up Q1 earnings season, and the numbers were fantastic—or appeared so at first glance.

Why it matters: Strong profits can justify the stock market's ability to continue to climb, despite the Iran war and the risks it presents.

President Trump has proudly stretched the power of the presidency in never-before-witnessed ways.

• But it's the choices he's made with that power — often alone, often impulsive — that explain his plunging popularity and will define his second term.

Why it matters: Every president tests limits. Trump tests them faster than anyone, often with little thought about the consequences, his advisers tell us. Only courts or markets, or his quest for good press, can rein him in.

For most of this century, rich countries have enjoyed a seemingly free lunch: They could spend money as needed, cut taxes at will and stimulate their way out of problems without paying a price in the form of higher borrowing costs or inflation.

The big picture: That era is over. The $145 trillion global bond market is flashing red signals that there's now a price to be paid for governments that indulge their profligate impulses.

Pope Leo XIV is warning that the artificial intelligence race could become a new Tower of Babel — a dazzling human achievement that concentrates power, weakens truth and turns people into data points.

Why it matters: The long-awaited document, Magnifica Humanitas ("Magnificent Humanity"), signals that the Vatican is aggressively positioning itself as a central moral authority in the global tech debate.

Americans feeling pinched financially are splurging on small treats while economic anxiety and inflation jitters put off larger purchases.

Why it matters: From movie tickets to collectible watches, those affordable indulgences are helping sustain consumer spending.