ATLANTA — A Georgia lawmaker wants to see more family homes in neighborhoods across the state, instead of corporate investment properties.
Stats show as much as 30% of rental homes in Georgia are owned by big companies, Channel 2’s Richard Elliot reports.
With the average age of a first-time homebuyer up over 40, some lawmakers think it’s time to change the game.
Cumming Republican state Sen. Greg Dolezal is proposing a bill to limit big companies to just 500 homes. It doesn’t require them to sell the homes they have, but it does eliminate their tax incentives.
He thinks big companies are pricing out first-time homebuyers.
“These are families who have been priced out of a home. They’re forced to compete. They place an offer. Their offer might be the exact same price point as a hedge fund, but the hedge fund can close in two weeks,” he said.
“I think this is a little bit too little too late,” said Realtor Rob Smith.
A veteran Atlanta realtor, Smith believes this problem is helping drive up prices. He thinks the bill is a start but says the state needs to do more, like have a state subsidy for first-time home buyers.
“We need to give back to first-time home buyers. We need to put something back in the pot so that people can actually live the American dream,” he said.
The bill enjoys bipartisan support, but Brunswick Republican state Sen. Mike Hodges worries the bill limits property rights by restricting who homeowners can sell to.
“I’ve been a Republican a long time, and the bill, a little bit too much big government for me to have the state standing between a willing buyer and a willing seller,” Hodges said.
The bill also bans foreign investors from buying up homes.
Channel 2 reached out to several of the commercial investors for comment but have not yet heard back.
The bill passed a committee this morning, so it could soon come to the Senate floor for a vote.
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