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Senator Ossoff Investigates Out-of-State Corporate Home Ownership in Georgia

Aerial view of diverse single-family homes in Georgia, showcasing suburban life.

News Summary

U.S. Senator Jon Ossoff has launched an investigation into the ownership of single-family homes in Georgia by out-of-state corporations. This inquiry aims to address claims that such acquisitions are contributing to soaring rental prices across the state. With over 30% of single-family homes in metro Atlanta owned by out-of-state entities, Ossoff seeks to increase transparency regarding the effects of corporate ownership on housing affordability, focusing on major players in the real estate market. Rising rental costs and limited local policy options have fueled concerns among renters and housing advocates.

Atlanta, Georgia – U.S. Senator Jon Ossoff has initiated an investigation into the ownership of single-family homes in Georgia by out-of-state corporations, claiming that these acquisitions are contributing to rising rental prices throughout the state. Ossoff’s concerns stem from a study conducted by a Georgia State University professor, which revealed that more than 30% of single-family homes in metro Atlanta are owned by out-of-state entities, a figure that is nearly ten times the national average.

Ossoff’s probe is part of a broader effort to increase transparency regarding the impact of corporate ownership on housing affordability. Specifically, the investigation will focus on four major players in the real estate market: Main Street Renewal, Tricon Residential, Progress Residential, and Invitation Homes. The senator’s office has sent inquiries to these companies to gather information about their practices that may be affecting housing and rental costs.

The investigation follows prior reports published in The Atlanta Journal-Constitution’s “American Dream for Rent” series, which highlighted similar trends in corporate investment in Georgia’s housing market. Rising rent prices have created an affordability crisis, making it increasingly difficult for residents to find suitable housing. Recent data indicates that the average monthly rental cost for single-family homes in Atlanta is approximately $2,228, while apartments average around $1,700. The income required to rent a single-family home in the city now exceeds $80,000.

Institutional investors often operate under various aliases, allowing them to obscure their ownership and dominate bidding processes, consequently outmaneuvering prospective homebuyers. This dynamic exacerbates the affordability issues faced by many Georgia residents, prompting calls for reforms in local policies surrounding rent control. However, it is noteworthy that state laws currently inhibit local jurisdictions from implementing rent regulations, limiting the available options for combatting rising living costs.

Renters and housing advocates have expressed their concerns by gathering at the Georgia State Capitol to advocate for policy changes aimed at addressing the steep increases in rental costs. Senator Ossoff has accentuated that the housing challenges in Georgia are particularly acute, especially in communities with significant Black populations, which may be disproportionately affected by these market trends.

Recent statistics highlight broader trends across the nation, including a 14% increase in foreclosures, with cities like Warner Robins, Georgia, being among the most impacted areas. This rise in foreclosures only adds to the unique challenges within Georgia’s real estate landscape, where many families struggle to find affordable housing options.

In response to the growing concerns surrounding corporate ownership and its effects on rent prices, the National Rental Home Council has defended the role of institutional investors. They argue that the root of the housing challenges can be attributed more to zoning laws and the insufficient construction of new homes rather than corporate ownership itself. This ongoing debate highlights the complexities of the housing market and the differing viewpoints on the best path forward to ensure affordable living conditions for all residents.

Aside from the housing issues, the recent landscape in Georgia includes noteworthy developments such as an agreement from the Georgia Public Service Commission ensuring that Georgia Power customers will not face a rate increase for the next three years, and a considerable recall of over 16,000 gallons of ice cream due to potential plastic contamination. Additionally, two individuals were shot during an attempted robbery on a MARTA train, and the body of a missing kayaker was recovered from Lake Lanier. Furthermore, a trial is set for Colin Gray, the father of a suspected school shooter in Hall County.

As the housing market continues to evolve, Senator Ossoff’s investigation aims to shine a light on the practices associated with corporate ownership of homes in Georgia and their implications for affordability and community well-being.