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Tag: single-family homes

  • Warnock Housing Measure Becomes Law, Restricting Corporate Home Purchases

    Warnock Housing Measure Becomes Law, Restricting Corporate Home Purchases

    Warnock Housing Measure Becomes Law, Restricting Corporate Home Purchases

    Georgia’s housing affordability crisis could soon look different after a new federal law placed limits on how large private equity firms can expand their single-family home portfolios.

    The bipartisan legislation includes a provision championed by Sen. Raphael Warnock that prohibits major private equity firms from purchasing additional single-family homes. The measure became law after President Donald Trump neither signed nor vetoed the bill within the constitutional 10-day window while Congress remained in session.

    The restriction is part of the 21st Century ROAD to Housing Act, a sweeping housing package that also seeks to increase the nation’s housing supply, modernize the home appraisal process, strengthen rural housing programs and encourage local governments to build more homes.

    Warnock said the legislation responds to concerns he has heard from Georgians struggling to find affordable housing.

    “I hear from Georgians across the state who have been clamoring for action from Washington on the affordable housing crisis, and this legislation is proof that when we center the people instead of the politics, we can get good policy done,” he said in a statement.

    The new law comes after years of debate over the growing influence of institutional investors in Georgia’s housing market. In metro Atlanta, corporate investors own more than 72,000 single-family rental homes, representing more than one-quarter of the region’s rental housing stock.

    Critics say those companies have made it more difficult for families to buy homes by submitting cash offers that many individual buyers cannot match. Warnock has argued that the growing corporate presence has shifted the housing market away from homeownership and toward investment profits.

    In addition to limiting future acquisitions by large private equity firms, the legislation offers incentives for new housing construction, reduces barriers to development, expands grants and forgivable loans for home repairs and weatherization, and updates several long-standing federal housing programs. It also incorporates Warnock’s Appraisal Modernization Act, which supporters say will improve fairness in the appraisal process.

    Supporters say the measure represents a broad federal effort to improve housing affordability by expanding housing opportunities and reducing the influence of large institutional investors in the single-family home market.

  • Warnock criticizes Trump after bipartisan housing bill stalls over SAVE Act dispute

    Warnock criticizes Trump after bipartisan housing bill stalls over SAVE Act dispute

    Warnock says Trump put politics ahead of housing as bipartisan bill remains unsigned

    A bipartisan effort to address the nation’s housing shortage hit an unexpected roadblock Wednesday after President Donald Trump declined to sign the 21st Century ROAD to Housing Act, prompting sharp criticism from Georgia Sen. Raphael Warnock.

    Warnock, who helped write one of the bill’s key housing provisions, said the president abandoned legislation that would have made it easier for families to compete in an increasingly expensive housing market. Trump has argued the bill should only move forward if it includes the SAVE America Act, an election proposal opponents say could restrict voter access.

    Metro Atlanta has become one of the country’s largest markets for institutional investors, with corporations controlling more than 70,000 single-family rental homes. Warnock’s proposal sought to slow that trend by preventing companies that already own more than 350 homes from buying additional single-family properties.

    The senator said that change would have helped level the playing field for prospective homeowners who often find themselves bidding against large investment firms.

    “Eighteen months into Donald Trump’s second term, life is worse for everybody except the ultra-wealthy,” Warnock said Wednesday. “Ordinary people aren’t able to make this economy work, and today this president had an opportunity to help working Americans. Instead, he made it about himself.”

    The housing package extended beyond corporate ownership limits. Lawmakers also approved provisions designed to encourage new home construction, strengthen rural housing programs, assist homeowners with repairs and weatherization projects, and hold communities accountable for meeting housing development goals.

    Another section of the legislation incorporated Warnock’s Appraisal Modernization Act, which would establish a pathway for homeowners to challenge property appraisals they believe undervalue their homes.

    Warnock argued the measure represented months of bipartisan negotiations focused on lowering housing costs rather than advancing a partisan agenda. He said refusing to sign the bill leaves families without tools Congress had already agreed could make homeownership more attainable.

    “If you are buying a home today, we had the opportunity to stop giant corporations from competing against your offer,” Warnock said. “The president refused to help you.”

    The senator also took aim at Trump’s demand that the SAVE America Act be attached to the legislation, calling it unrelated to the housing crisis and accusing the administration of distracting from affordability issues affecting families across the country.

    Congressional leaders have not announced when or whether the housing package will return for consideration, leaving its future uncertain despite overwhelming bipartisan support in both chambers.