Bisnow’s First Draft Live is a regular series featuring live conversations about the critical stories impacting CRE right now. It is a companion to The First Draft, Bisnow’s daily, flagship CRE newsletter. Register here to get The First Draft in your inbox. Subscribe to First Draft Live on Apple and Spotify, or scroll down to view in your browser.

At midnight on Saturday, the 21st Century Road to Housing Act became law. 

The bill, which includes, among other things, new restrictions on investment in single-family homes and incentives for localities to reduce entitlement timelines, passed with bipartisan support from majorities in both chambers of Congress. All of this happened without the support of President Donald Trump, however, who refused to sign the bill until the Senate passed new voter ID requirements. 

For Sharon Wilson Géno, president of the National Multifamily Housing Council, the road to the housing act has been particularly long. After spending more than a year fighting for it, she was on her way to the bill signing ceremony in late June when the president first announced he wouldn’t support it. Now, the bill has finally passed, and Wilson Géno spoke with Bisnow Editor-in-Chief Mark F. Bonner on First Draft Live to break down what this means for the industry. 

She said the bill is groundbreaking, as it is the first time in 30 years the U.S. has passed housing legislation. However, that doesn’t mean it will immediately and fundamentally change the housing environment for millions of Americans. 

“It has a lot of small solutions. It’s going to be really impactful for a deal here or a deal there,” Wilson Géno said. 

Later on Wednesday, Wilson Géno will head to Capitol Hill to discuss what happens next in housing now that the bill has passed. To find out more, watch the full conversation below.