ICYMI: Warnock Provision Banning Private Equity in Housing Overwhelmingly Passes Senate

Recently, the Senate passed the21stCentury ROAD to Housing Actby a vote of 89-10
The bipartisan housing package includes Senator Reverend Warnock’s provision to ban large corporations from mass purchasing single-family homes
Georgia’s housing market is suffocated by private equity, with more than one in four single-family rental homes in metro Atlanta owned by large corporations
The American people believe single-family homes should belong to single families – recent polling shows73% of Americanswant to ban Wall Street from owning single-family homes
The housing package has been endorsed by dozens of affordable housing champions and organizations, including Atlanta Mayor Andre Dickens
ICYMI from the Georgia Recorder:U.S. Senate passes bill with Warnock-backed provision limiting the number of investor-owned homes
Washington, D.C.– Recently, the U.S. Senate overwhelmingly passed the bipartisan21stCenturyROAD to Housing Actlegislative package by a vote of 89-10. The bill includes Senator Reverend Raphael Warnock’s (D-GA) provision to ban large investors, including private equity, from mass purchasing single-family homes.
More specifically, the Senator’s provision would ban large corporations that own more than 350 single-family homes from purchasing any additional single-family homes. For context, 25% of Atlanta’s single-family rental market is owned by large corporations that own more than 1,000 homes. This legislation would impose a fine of the greater of either $1 million or three times the purchase price on any corporate investor that purchases a single-family home above the cap. Any fines collected under this legislation will be used for new housing construction and financial assistance for first-time homebuyers, building on the Senator’sleadershipto support first-time homebuyers.
Bill text for the amendment can be foundHERE.
More coverage of Senator Reverend Warnock’s housing provision is below: