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1054

Sen. Warnock's ban on private equity firms buying single-family homes becomes federal law (www.cbsnews.com)

submitted 2 days ago by VetOfTheSeas@discuss.online to c/upliftingnews@lemmy.world

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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.

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[–] Hazzard@lemmy.zip 47 points 2 days ago

Thank goodness, this just prevents them from acquiring additional housing.

Be exceptionally cautious of legislation like this, the housing market is becoming a more and more obvious bubble, companies like BlackRock are going to try to twist every legislation like this into a bailout. They'll want government to take the houses from them, by buying them all "at market rate", despite the reality that these firms would never be able to offload all those houses into the market without cratering the market rate.