Warnock Highlights New Bipartisan Provision to Stop the Spread of Corporate-Owned Homes During Visit to Paulding County

Today, Senator Reverend Raphael Warnock held a press conference in Paulding County to discuss large corporations buying up single family homes in Georgia, and federal efforts to stop their spread

Corporate investors own nearly 4,000 single-family rental homes in Paulding County, a growing problem that has squeezed first time home buyers out of the housing market

In March, Senator Warnock's private equity ban was included in the bipartisan ROAD to Housing Act, the largest housing reform and affordability legislation in a generation

Senator Reverend Warnock: "Private equity and major corporations have been buying up thousands of single-family homes that should be available for Georgians who want to purchase a piece of the American dream. But for years, dreams have been deferred because too many are finding themselves in fierce competition with private equity"

Above: Senator Warnock during Thursday's press conference in Paulding County

Washington, D.C. - Today, U.S. Senator Reverend Raphael Warnock (D-GA) joined local leaders and housing advocates in Paulding County to voice his opposition to private equity and large corporations buying up single family homes in metro-Atlanta and across Georgia. This issue has become a growing problem for first time home buyers in the region, with more than 1 in 4 single-family rental homes - 70,000 properties - owned by large corporations. Institutional investors control more homes in metro-Atlanta than any other area in the country.

As a member of the Senate Banking Committee, which oversees federal housing policy, Senator Warnock has worked for years to stop the spread of private equity corporate investors in the single family and starter home housing markets. In March, Senator Warnock secured a bipartisan provision to ban institutional investors from mass purchasing single family homes in the ROAD to Housing Act, the largest housing reform and affordability legislation in a generation.

"Private equity and major corporations have been buying up thousands of single-family homes that should be available for Georgians who want to purchase a piece of the American dream," said Senator Reverend Warnock. "But for years, dreams have been deferred because too many are finding themselves in fierce competition with private equity. My bill is an important first step in addressing this issue, but there is so much more work that needs to be done. We must remain focused on delivering for the people every single day."

Senator Warnock was joined by Paulding County Board of Commissioners Chairman Tim Estes, Northwest Metro Atlanta Habitat for Humanity CEO Kyle Huhtanen, and real estate agent and housing advocate Amy McCoy. Paulding County Chairman Estes said that corporate investors buying single family homes in Paulding County has been a problem for a number of years, and that he is glad Senator Warnock's new private equity housing ban is addressing the issue. He added that corporate investors are squeezing first time home buyers out of Paulding County and forcing many perspective buyers out of the area altogether.

Since coming to the Senate, Senator Warnock has worked to increase affordable housing and illuminate a path to homeownership. As one of twelve brothers and sisters growing up in public housing in Savannah, Senator Warnock deeply understands the importance of having a place to call home and homeownership. Last spring, the Senator introduced a transformative housing package that would address rising rental costs, downpayment fees, and the overall lack of available housing units. The Senator also partnered with the top Democrat on the Senate committee that oversees federal housing policy to introduce legislation that would build nearly three million new housing units.

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