As CBS News Atlanta previously reported, more than one in four single-family rental homes in metro Atlanta are owned by large corporate investors — more than 72,000 homes — giving the region one of the highest concentrations of institutional ownership anywhere in the United States.
Housing advocates have argued that those companies can outbid families with cash offers, reducing the number of homes available to first-time buyers while contributing to higher home prices and rents.
Warnock has repeatedly cited those trends in pushing the legislation, saying corporate investors have increasingly treated homes as financial assets instead of places for families to live.
So for every 350 homes they make a new LLC or shell company.
Finally! I’ve watched these fucking companies buy up every house in my neighborhood that came up for sale. IMO when this trend started was when the people’s dream of ever owning a home got destroyed. Warnock for President?
Can we apply that to farms too? If you aren’t actually farming, whether you have a corporation or not, you can’t buy farmland. Sorry, JD.
It’s a great way to get younger people to stop caring when they can’t actually afford to own anything. This is a step in the correct direction, corporate gatekeeping needs to end, we need to give people opportunities to own. If someone rents, borrows, and leases their entire life, why would they care if it all goes to shit?
Are they stripping them of the ones they already have?
Hopefully they’re just being taxed at increased rates that make profit unviable and allows them to unload the houses normally. I don’t really know how the legislation works though.
This solution makes sense. They need to phase out the existing rules properly, no matter how wrong they were to begin with.
Tax them from 10% til 100% over 5 years, and let them sell off as they go through that time spand maybe?
Are private equity firms, as defined in the bill, actually buying homes? Or is the private entity type doing that, not classified as an equity firm?
Rich people have nothing to do with their stolen money but buy up assets. It’s a runaway disaster for everyone. The rich are pricing people out of being alive and we act like we can’t do anything about it. At some point, perhaps gen Alpha, will have to do something about it or simply die.
Finally some good news!
If Trump didn’t veto it, there must be some loopholes large enough to drive a battleship through…
Senate vote was 85-5
Ron Johnson of Wisconsin Mike Lee of Utah Rand Paul of Kentucky Rick Scott of Florida Tommy Tuberville of Alabama
Guessing Trump knew it would be a losing battle to veto it. Also, it should make him look better with him having to do nothing but stay out of the way
Rick Scott voting against his constituency?
Shocker.
- A Floridian, speaking sarcastically
Damn, fuck Russian Ron Johnson. The democrats really left Barnes out to dry against Ron Johnson and he ran an awful campaign. It still blows my mind that the same election elected Democrat Evers for governor and Ron Johnson. What a wild split ticket.
It sure would be cool if Ron Johnson would go grab a drink with Lady G and Mitchy boy. I truly hate that man.
it was also an opportunity for everyone to kumbayah and get some good press on addressing affordability
I knew he’d do some good. :) I was hopeful when Georgia elected him. That hope wasn’t misplaced.
Good! Those fucking passive income vultures.
The only way we’re ever getting out of this mess is for increased density in urban areas and for people to grow out of this desire for a single family home with a yard and a driveway.
Private equity really the problem? In Canada, these are all mom and pop boomer investors.
Canada passed a law against foreign buyers but it did nothing because it was <3% of buyers, but it made everyone feel better.
Private equity really the problem? In Canada, these are all mom and pop boomer in
you know waht. its a start. We dont need to solve it all in one pass, but doing nothing isnt the solution
The thing is, the power is in the hands of existing home owners who financially benefit from a shortage of housing supply.
Solving the housing crisis and homeowners growing their equity are two goals totally at odds with one another.
No government in north america or the eu is ever going to tell the haves “good job paying off your mortgage, but I’m afraid the value of your home is now hundreds of thousands of dollars less than what you paid for it”.
As long as housing is considered an investment it will never be affordable.
It’s a pretty high limit, so no impact on small investors.
I don’t see it making much difference, but maybe it’s just not as common where I live. It’s a start though. I don’t think there’s going to be a single fix but maybe enough small fixes will add up
Now pair with legislation that says all existing corporate owned properties are taxed at 100% of any revenue derived from ownership of those properties
I’d start with taxing 100% property taxes of empty properties as a logical next step.
Cool. Both.
I get where you’re coming from and an for the sentiment, but that will need at least some sort of caveat or having to sell the house of a lost family member will be become very dangerous.
“Corporate owned” would be defined in a way that allowed for earnest actual single human/family scenarios, but also stopped little mini tyrants from trying to become a local menace through loopholes.
Or buying a foreclosure and making it livable.
I wonder how this is going to affect https://arrived.com/ – I have some minor investments there I’d prefer not to lose.
Still, this is quite good news, for exactly the reasons Warnock says, even if I lose every red cent in my arrived account.
Ewwwww. I sincerely hope every penny you gave them vanishes. You don’t deserve it back for investing in something so slimy.
Eh, one of the founders is a friend of a friend, I don’t think it’s “slimy”. Though I have complained about some aspects both publicly and privately to him.
It was easier to get into than to actually buy my own property, but there’s been a lot of changes to it since I bought my first shares of a local (to me) property.
It was easier to get into than to actually buy my own property
You say while participating in something that atively makes it harder for people to buy their own property.
hopefully it negatively affects that investment quite heavily
how bout ban them in general, since they are ruining alot of companies.
