U.S. Sen. Todd Young of Indiana explains opposition to housing bill INDIANAPOLIS (WISH) — Sen. Todd Young said he opposed a housing bill now on the president’s desk because he does not believe it addresses the problems caused by local zoning and other regulations. The 21st Century Road to Housing Act passed both houses of Congress by overwhelming margins this week, including “yes” votes from nearly all members of Indiana’s Congressional delegation. Young missed the final Senate floor vote but said he does not support the final version of the bill. In an interview for “All INdiana Politics,” Young said he was disappointed the final version of the bill did not include language he had been circulating on the Hill to limit local zoning regulations. A similar fight nearly sunk a housing bill in the Indiana General Assembly this spring. “We need more supply, as the economists say, on the market. And the best way to get more supply in the market is to reduce the regulatory burden of local land use and zoning policies,” he said. “40% of the (costs) nationally associated with housing whether it’s in terms of mortgage costs or rent are associated with overly burdensome land use and zoning policy.” The bill simplifies a number of federal housing regulations, including around manufactured homes. Perhaps the most noteworthy provision is language to block investors from buying large numbers of single-family homes. Young said he believes that particular language unduly inteferes with the private market. Indiana’s other senator, Jim Banks, praised the housing bill in a statement. The final version of the bill incorporated language Banks introduced as the RESIDE Act, which would help municipalities convert abandoned or underutilized structures such as warehouses, factories and strip malls into housing. “Owning a home is a cornerstone of the American dream, but too many families are being priced out of the housing market. The RESIDE Act is a commonsense solution that helps communities turn abandoned buildings into new homes, revitalize neighborhoods, and expand housing opportunities without creating a new federal spending program. I’m proud to see this bipartisan bill pass the Senate and look forward to it becoming law.”Sen. Jim BanksR-Indiana Young also addressed the ongoing peace negotiations with Iran, particularly the $300 billion reconstruction fund that has drawn criticism from other Republicans. Young said based on briefings he has received, the money would come from frozen Iranian accounts held in Gulf Arab countries, not from the United States. He said he hopes the current memorandum of understanding between the United States and Iran leads to lasting peace, but any deal that does not dismantle Iran’s nuclear program is unacceptable. “All INdiana Politics” airs at 9:30 a.m. Sunday on WISH-TV. ...read more read less