President Donald Trump said Wednesday on Truth Social that he will not sign a sweeping bipartisan housing bill that cleared Congress with overwhelming support, throwing the future of one of the most significant housing measures in years into doubt.

The president wrote that "today's housing news conference and signing is hereby canceled until such time as we pass the desperately needed Save America Act, which I consider to be a national emergency."

Trump's announcement came just one day after the House passed the 21st Century Road to Housing Act by a vote of 358-32 and two days after the Senate approved the measure 85-5, marking a rare bipartisan achievement in a Congress that has been plagued by partisan gridlock.

The legislation is designed to increase housing supply, ease regulatory barriers, and improve affordability at a time when rising home prices and elevated mortgage rates remain among Americans' top economic concerns, The Washington Post reported.

The bill would prohibit large institutional investors from purchasing more than 350 single-family homes, a provision supporters say would help families compete in a tight housing market.

It also expands federal grant programs to encourage new home construction and eliminates a longstanding federal rule governing manufactured housing in an effort to reduce building costs.

The measure emerged from months of negotiations between lawmakers from both parties and was hailed by supporters as the most significant housing legislation since the financial crisis.

The compromise was forged by House Financial Services Committee Chairman French Hill, R-Ark., and ranking member Maxine Waters, D-Calif., working alongside Senate Banking Committee Chairman Tim Scott, R-S.C., and Sen. Elizabeth Warren, D-Mass., among others.

Supporters argued that the legislation represents a meaningful step toward addressing the nation's housing affordability challenges, even if it falls short of a comprehensive solution.

Will Fischer of the Center on Budget and Policy Priorities described the bill as "an important first step to make housing more affordable," citing provisions aimed at expanding housing construction, preserving rural housing and extending disaster recovery assistance.

Still, Fischer acknowledged that the legislation alone would not solve the problem, saying "much more will be needed to really solve the housing affordability crisis." 

Housing affordability has become an increasingly urgent issue for lawmakers as voters continue to cite rising housing costs as a major financial burden, the Washington Post reported.

Lawmakers from both parties involved in crafting the legislation also acknowledged that additional action will be necessary.

"We didn't get everything we want. We have more work to do there," said Rep. Mike Flood, R-Neb., one of the bill's leading House sponsors.

Hill said the legislation addresses concerns raised by housing officials across the country who said federal housing programs have become difficult to use because of excessive regulations and bureaucratic requirements.

Among other provisions, the bill would eliminate a rule requiring manufactured homes to be built on steel frames with wheels and axles and directs the Department of Housing and Urban Development to modernize construction standards.

Supporters say the changes could encourage local governments to revise land-use policies and make it easier to build housing.

Some housing economists, however, have questioned how much impact the legislation would have on home prices, noting that institutional investors own only a small share of the nation’s housing stock and that housing affordability is primarily affected by a shortage of available homes.