The YIMBYs and the abundance movement are poised for a major national victory, as a landmark housing bill will become law at midnight, without President Donald Trump’s signature.

The House and Senate overwhelmingly passed the ROAD to 21st Century Housing Act in June, a 374-page document with sweeping changes to U.S. housing policies for decades to come. The bill largely makes it easier and cheaper to build new housing, prevents large corporations from gobbling up supply, and supports communities most affected by the climate crisis.

The bill hit a roadblock on June 24, after Trump indicated he would not sign it into law. Instead, he wanted Congress to pass the SAVE America Act, a federal election bill that required documented proof of U.S. citizenship to vote and had not passed the Senate.

“Today’s signing and housing press conference is hereby canceled until we pass the much-needed SAVE AMERICA ACT, which I consider a national emergency,” he posted that day on Truth Social.

Once Congress approves and presents a bill to the President, the executive has 10 days, excluding Sundays, to veto or sign it before it automatically becomes law.

Trump posted on Friday, the last day he had to sign the bill, that he would not do so in continued protest.

“The failure to pass THE SAVE AMERICA ACT is CRAZY and a serious threat to any politician who votes against it!” published in Truth Social.

Consequently, the bill will become law at midnight, without your signature, unless you veto it first.

Touted by both Democrats and Republicans, it is a rare bipartisan victory ahead of the midterm elections and builds on affordable housing successes that have made headlines in cities like Austin, Minneapolis and New York.

Our Cost of the City series has reported on some of the new affordable housing policies in New York City and focuses on telling stories of how different New Yorkers make it work in one of the most expensive cities in the country.

Business Insider spoke to economists and real estate analysts to get their top takeaways on what the bill would mean for you when it finally becomes law.

Reduce the cost of housing supply with more flexible construction standards

A central factor in the housing problem in the United States is supply. There are millions of low- and middle-income households looking to rent and buy, but there are not enough affordable places to live. It leaves waiting lists for public housing overflowing and expensive homes across the country empty.

Emma Waters, senior policy analyst at the Bipartisan Policy Center, said the bill focuses on addressing the supply gap by making it easier and faster to build housing at a lower cost. However, it will take time to feel these positive impacts.

“It won’t be an overnight solution,” he said. “If we are able to bring that new supply online, that will have an effect on prices for home ownership and also for renters.”

The ROAD to Housing Act is intended to relax some federal zoning regulations that prevent the construction of new affordable housing. This appears to encourage more mixed-use buildings, reduce restrictions on alternative housing solutions like accessory dwelling units and manufactured homes, and institute tax incentives for cities that develop in densely populated areas. It also eliminates some of the bureaucracy that has historically prevented these projects from getting the green light.

On the construction side, the bill revises minimum lot, building height and floor area ratio requirements that limit the number of units in a single development. It also describes construction and repair grants available to the state through federal funds, especially those that support low-income households.

More resources for climate-affected communities

As more parts of the country become vulnerable to natural disasters, the bill includes policies to support affected residents. It includes standardized efforts to assess and plan for resilient land use, as well as ways to address emergency and transitional housing needs in the event of a disaster. Most of these resources will be allocated to low-income areas. The policy also bolsters existing federal funding for relief and redevelopment in areas devastated by floods and wildfires.

Joel Berner, senior economist at Realtor.com, highlighted the bill’s authorization of a new program within the U.S. Department of Housing and Urban Development, which coordinates disaster recovery efforts.

“Low-income households, rural communities, and veterans are explicit beneficiaries,” he wrote in an email statement.

The bill also creates a pilot program to evaluate temperature-related complaints in federally funded rental housing, with the goal of making the spaces more livable for residents.

Restrictions on corporations purchasing residential real estate

As lawmakers say, “homes are for people, not corporations.” The bill imposes limits on the number of single-family homes that large institutional investors can purchase, intended to make it easier for people to rent and buy affordable housing. This has been a favorite policy of Trump, who defended it last winter with an executive order.

However, evidence indicates that institutional investors have little impact on housing affordability. Large investors own only about 2 or 3% of the country’s single-family rental housing stock, which does not affect consumers much in most markets.

It is unclear to what extent the policies and subsidies outlined will actually affect prices for renters and buyers and how quickly. Interest rates remain elevated, helping to push 30-year fixed mortgage rates above 6%, and average rents are at record levels. — with an especially gloomy outlook in high-cost cities. Improving the housing supply will help, although it does not guarantee that new housing will be available at prices that low- and middle-income Americans can afford. Local cities and municipalities may also have their own building restrictions, which this federal law cannot override.

“This is something that I think voters have been asking for for a long time,” Waters said. “I think this is hopefully an indicator of forward momentum, and I think there’s a recognition that there’s still a lot to do on housing.”