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Live from NPR News in Washington, I'm Corva Coleman.
The Senate has passed the largest housing affordability bill in decades,
and PRC Van Bissau reports the legislation passed with bipartisan support.
Before passing 85 to 5, the bill's cosponsor Republican Senator
Tim Scott said the bill is meant to boost the country's housing supply.
When you put more housing supply on the market, more people have a chance to become a first-time home buyer.
The bill does not order the construction of new homes.
That's up to the private sector.
Instead, Scott says the legislation is meant to encourage home builders by reforming parts of the permitting process.
When you cut red tape.
You actually reduce the cost of housing.
The bill also bans institutional investors from buying up large numbers
of single-family homes and now heads to the House of Representatives.
Stephen Misaha, NPR News.