Out-of-state investors own tens of thousands of houses in Georgia, prompting lawmakers to consider limits due to concerns about property neglect and fewer homeownership opportunities for Georgians.
A bill that aimed to cap each large corporate owner at 2,000 properties stalled after constitutional concerns were raised. However, a related measure requiring these companies to hire Georgia-based brokers did pass, and some lawmakers are waiting to see whether the governor will sign it.
House Bill 399 also requires tenants of houses or duplexes to provide code enforcement officers with the contact information of the property manager.
The bill that failed, House Bill 555, would have prohibited companies from owning more than 2,000 single-family residences or 10 multifamily properties in Georgia. The Georgia Association of Realtors opposed the bill, acknowledging investor ownership as a problem but arguing that HB 555 wouldn’t solve it. They said corporate owners could simply form networks of subsidiary companies, each holding fewer than 2,000 properties.
HB 555 passed out of committee on March 3 but was never brought to a vote in the House of Representatives. It remains in play for consideration during the next legislative session.
