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1103

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

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

109 comments fedilink hide all child comments

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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[–] neuromorph@lemmy.world 10 points 2 weeks ago (2 children)

Private equity really the problem? In Canada, these are all mom and pop boomer in

you know waht. its a start. We dont need to solve it all in one pass, but doing nothing isnt the solution

[–] kandoh@reddthat.com 3 points 2 weeks ago

The thing is, the power is in the hands of existing home owners who financially benefit from a shortage of housing supply.

Solving the housing crisis and homeowners growing their equity are two goals totally at odds with one another.

No government in north america or the eu is ever going to tell the haves "good job paying off your mortgage, but I'm afraid the value of your home is now hundreds of thousands of dollars less than what you paid for it".

As long as housing is considered an investment it will never be affordable.

[–] SaveTheTuaHawk@lemmy.ca 0 points 2 weeks ago* (last edited 2 weeks ago)

But actually ignoring the real problem and making panacea laws doesn't help anyone. You can pass a law banning intergalactic space travellers from buying houses, but is the point to do something, or just look like you are?