Warnock Touts New Federal Housing Bill
The law sets a 350-home cap for corporate landlords and adds fines of at least $1 million per unit for future violations.
- Federal housing legislation limiting corporate single-family home ownership to 350 units became law after midnight Friday under the 21st Century ROAD to Housing Act.
- Research from the Government Accountability Office shows about 1 in 4 homes in the Atlanta metro are owned by corporations, with the city ranking as the top U.S. market for private equity ownership.
- Sen. Raphael Warnock, who negotiated the provision, said families cannot "compete with Wall Street" against corporate bidders; Smyrna resident Jacob Parcel noted affordable homes have been "few and far in between" after two years searching.
- Companies exceeding the cap face fines of at least $1 million per unit or three times the purchase price, though the law does not require divestment from existing portfolios exceeding 350 homes.
- Atlanta Mayor Andre Dickens and Chief Housing Officer Amanda Rhein stated the legislation aligns with the Neighborhood Reinvestment Act, while the city launches a pilot program converting commercial buildings into residential housing.
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