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.
That’s genuinely fantastic news.
The skeptic, pessimistic part of me now wants to know how BlackRock et al will get around this with creative corporate and financial shell games, because I’m absolutely sure they will try to do just that.
They’ll buy up property management companies who will then buy the houses to rent out.
If there is no enforcement then why bother to write laws down?
I see an awful lot of non-enforcement of laws that are already on the books.
Blackrock splits into redrock, orangerock, yellowrock, etc.
All owned by rainbowrock (a blackrock® company).
Because it’s not a ban on private equity purchasing homes, it’s a limit of 350 going forward. Because as if that limit isn’t absurdly high (it should be more like 3) it’s also unlikely to hold up in court. They should have levied increasing taxes.
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’ve become so jaded that I’m sitting here thinking, “if this was actually going to work the private equity firms would’ve never let it pass.
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.
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.