The 21st Century ROAD to Housing Act Unlocks the American Dream

"Today, the median age of a first-time home buyer is 38 years old. Young Americans should not have to wait nearly four decades to buy their first home."

WASHINGTON, D.C. - Senate Majority Whip John Barrasso (R-Wyo.) today spoke about the 21^st Century ROAD to Housing Act introduced by Senator Tim Scott (R-S.C.). The legislation will lower the cost of housing and increase the supply of homes for all Americans.

Click HERE to watch Senator Barrasso's remarks.

Sen. Barrasso's remarks as prepared:

"Republicans believe that Americans who work hard and play by the rules deserve to have a good life.

"Republicans passed the Working Families Tax Cuts law to promote the American Dream. Americans deserve to keep more of what they earn. The Working Families Tax Cut law put more money in their pockets. It means financial relief not just tomorrow but today.

"Over 60 million Americans benefited from at least one of Republicans' new tax cuts. Tax refunds were supersized this year.

"The Department of Treasury confirmed 97 percent of Americans received a tax cut this year. The people who benefited the most were Americans earning less than $200,000 per year.

"Republicans cut taxes for working families across the country. Families can use the money however they want: to pay down debt, to cover everyday expenses, or to save for the future.

"Every single Democrat in this chamber voted against the Working Families Tax Cuts law. Democrats voted to raise taxes by $4 trillion. Had Democrats gotten their way, everything would cost more.

"Democrats talk about affordability. Republicans delivered more money in the pockets, purses, and paychecks of the American people. For most Americans, that money is for their families.

"At the State of the Union, Americans heard the story of a mother who homeschools two children during the day. She waits tables in the evenings. Her husband operates heavy machinery. He works a lot of overtime. The Working Families Tax Cuts law was written for families like theirs.

"This family will take home an extra $5,000 this year because of No Tax on Tips, No Tax on Overtime, and an expanded Child Tax Credit. The Working Families Tax Cuts law helps families today and builds more opportunities for families tomorrow. And it is only the beginning.

"This week, the Senate will move to address the cost of housing. Buying a home in America costs too much. Building a home in America takes too long.

"Everyone from the President of the United States to the Mayor of New York City agrees: Housing is too expensive. Americans who want to buy a home worry they won't ever be able to afford a home. That must change.

"Today, the median age of a first-time home buyer is 38 years old. Young Americans should not have to wait nearly four decades to buy their first home.

"A headline from USA Today illustrates the problem. It says, 'Why is housing so expensive? There simply aren't enough homes.' The reason there are not enough homes is burdensome government regulations. Regulations account for a quarter of the cost of a new home.

"There is the cost of applying for zoning permits from the local government, the county government, and even the state government. There is the cost of studies on environmental impact and impact on traffic. There is the cost of energy efficiency mandates for home appliances. There is the cost of federal workplace regulations. And of course, there is the cost of delay created by all these local, state, and federal regulations, which are often duplicative.

"By some estimates, regulations add an extra $130,000 to the cost of a home.

"Fortunately, we have on the Floor this week a solution to unlock the American Dream. It is called the ROAD to Housing Act. Senator Tim Scott of South Carolina has led this effort. This bipartisan bill includes dozens of member-driven policies.

"It will increase the supply of housing. It will lower the cost of housing. It will expand the ability of families to own a home. It does all of this the right way: without imposing one-size-fits-all Washington mandates.

"The American Dream should not be regulated out of reach. It should be within reach for every American willing to work for it. The Senate is ready to get the ROAD to Housing Act signed into law."

###