Warnock-Led Private Equity Housing Ban Clears Congress, Heads to President’s Desk in Landmark Housing Package

Today, Senator Reverend Raphael Warnock's provision to ban large corporations from mass purchasing single-family homes passed the U.S. Congress and is one step closer to becoming federal law

The provision is part of the historic 21^st Century ROAD to Housing Act, which now moves to the White House for President Trump's signature

Private equity has rapidly spread through Georgia's housing market, with more than one in four single-family rental homes in metro Atlanta owned by large corporations

The housing package includes provisions championed by Senator Warnock that will boost housing supply by cutting red tape, investing in local innovation, and reforming legacy housing programs

Senator Reverend Warnock: "This is a major win for ordinary Americans and a great first step toward addressing the housing crisis that plagues our country"

READ the one-pager on Warnock provisions in the 21^st Century ROAD to Housing Act

Washington, D.C. - Today, the U.S. Congress overwhelmingly passed Senator Reverend Raphael Warnock's (D-GA) private equity housing ban in the bipartisan 21^st Century ROAD to Housing Act, the largest housing package in a generation. The legislation now moves to the White House for President Trump's signature before officially becoming federal law. Corporate investors have suffocated metro-Atlanta's housing market, with more than 1 in 4 single-family rental homes-over 70,000 properties-owned by large corporations. Corporate investors control more homes in metro-Atlanta than any other area in the country and have begun spreading to every corner of the state.

Senator Warnock's provision bans corporations that own more than 350 single-family homes from purchasing any additional single-family homes. His provision also imposes 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. Fines collected under this legislation will be used for new housing construction and financial assistance for first-time homebuyers, building on Senator Warnock's leadership to support first-time homebuyers.

In April, Senator Warnock visited Paulding County, GA, where investors own nearly 4,000 single-family rental homes, to highlight the growing impact of corporate homeownership. The Senator's provision has also earned support from community leaders, including an endorsement from Atlanta Mayor Andre Dickens.

"This is a major win for ordinary Americans and a great first step toward addressing the housing crisis that plagues our country," said Senator Warnock. "For years, dreams have been deferred because too many are finding themselves in fierce competition with private equity. This bill will give families-not Wall Street investors- a fair shot at homeownership. I'm proud we were able to get this done."

In addition to the ban on private equity, the 21^st Century Road to Housing Act also includes provisions from Senator Warnock's Appraisal Modernization Act, the only fair housing provision in the legislation, and several bills Senator Warnock has championed for years to reform rural housing programs, penalize local governments for failing to meet housing goals, incentivize local governments and banks to invest more in the construction of housing, and provide grants and forgivable loans to help homeowners repair and weatherize their properties.

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