England’s ‘once in a generation’ housing law takes effect as US housing legislation sits in congressional purgatory

The U.K. Parliament passed legislation in an effort to control spiraling rental costs and reverse rising homelessness rates. Matt Cardy/Getty Image

Housing costs are eating up more and more of Americans’ monthly budgets.

Half of renters and a quarter of homeowners are cost-burdened, meaning they spend more than a third of their income to pay their rent or mortgage. Roughly 27% of renters are spending more than half of their income on rent.