Senator Raphael Warnock is spearheading a bipartisan measure to stop large corporations from buying large swaths of single-family homes in Georgia and the rest of the nation. According to Warnock, Atlanta is ground zero for the problem, as more than 1 in 4 single family rental homes in the city are owned by private equity, with many investors from out-of-state.
“This is a bipartisan piece of legislation that will bring the cost of housing in our country down,” Warnock said. “There’s no secret that we are in a housing crisis in our country.”
His legislation would limit companies to 350 homes, additional purchases would face fines of up to $1 million or three times the purchase of the home, whatever is higher.
Warnock said the nation is five million units short of housing.
He made the comments during a virtual press call.
“We are at a moment in our country where the average age of a first-time home buyer is 40, age 40. That is unacceptable. It has a real impact on the lives of real people and their families and their children. This is an important first step in beginning to answer that.”
The ban is part of the ROAD to Housing Act.
