Senate passes bipartisan housing bill to boost supply and lower home prices

The Senate passed a bipartisan housing bill on Monday that aims to reduce federal regulations and expand local control, one of the most sweeping efforts in recent decades to increase supply and bring down prices.

The bill, which passed 85-5 and now heads to the House, has been the focus of intense negotiations in recent weeks as lawmakers in both parties try to address housing costs in an election year.

The final version of the legislation bans corporate investors from buying single-family homes but doesn't include a Senate provision that would have required investors to sell newly constructed homes within seven years.