Warnock Private Equity Housing Ban Passes the Senate as Endorsements Flood In

The Senate passed the 21^st Century ROAD to Housing Act by a vote of 89-10

The bipartisan housing package includes the Senator'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 Atlanta owned by large corporations

The American people believe single-family homes should belong to single families - recent polling shows 73% of Americans want to ban Wall Street from owning single family homes.

Washington, D.C. - Today, U.S. Senator Reverend Raphael Warnock (D-GA) applauds the overwhelmingly bipartisan passage of his legislation to ban large investors, including private equity, from mass purchasing single-family homes. The Senator's provision, included as part of the comprehensive 21^st Century ROAD to Housing Act package passed the Senate by a vote of 89-10. Last spring, the Senator introduced a transformative housing package, including legislation to close tax loopholes that have helped large corporations mass purchase single-family homes, which served as a starting point for the bipartisan private equity ban that is on its way to becoming law as part of the 21^st Century ROAD to Housing Act.

"Today is a win for homebuyers in Georgia and across the country," said Senator Reverend Warnock."I'm thrilled that a provision that I negotiated to stop private equity and large corporations from mass purchasing single-family homes is on its way to becoming law. Let me make it plain: private equity's greed is squeezing first-time homebuyers out of the market and pushing the American Dream further out of reach. I thought Congress ought to get something done; that's why I've worked tirelessly for months to get this over the finish line."

The housing package is gaining popularity with over 27 endorsements. Below are just a few of the organizations that are throwing their support behind Senator Warnock's provision to ban private equity from mass purchasing single-family homes.

Georgia Advancing Communities Together

"Georgia Advancing Communities Together believes that every Georgian deserves access to safe, stable, and affordable housing, whether they rent or aspire to own a home. Addressing the housing crisis requires a fair and equitable approach to expanding supply across all income levels, including the often overlooked 'missing middle' that serves working families, teachers, healthcare workers, and small business owners. We support efforts that protect opportunities for first-time homebuyers while also encouraging the responsible development of new housing so communities can grow and thrive. Georgia ACT thanks Senator Reverend Raphael Warnock for his leadership in advancing the bipartisan 21st Century Housing Act and for standing up for policies that help ensure housing is accessible for families, not just investors. When we protect pathways to homeownership and increase the supply of homes across the housing continuum, we strengthen neighborhoods, expand economic opportunity, and move closer to a future where there is housing for all Georgians."

Public Citizen

"Addressing corporate greed and concentration is one of the most important steps toward solving our affordability crisis, especially in housing," said Joshua Miller, Director of Congress Watch at Public Citizen."Across the country, institutional investors have been buying homes at scale, driving up prices to prioritize profits and putting homeownership out of reach for too many families. This bill takes important steps to put families, not Wall Street, in control of housing."

Consumer Federation of America:

"Buying a home has rarely been more unaffordable than it is today. The 21st Century Road to Housing Act takes important steps to tackle our historic housing crisis, expand mortgage access, and block private equity corporations from scooping up homes. The Consumer Federation of America is thrilled to see Congress take meaningful bipartisan action on an issue that impacts every community across America."

For more information about Senator Warnock's provision to ban private equity from mass purchasing single-family homes, click HERE.

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