Senator Jon Ossoff (D-GA) helped pass the bipartisan 21st Century ROAD to Housing Act through the Senate to prevent big corporations from buying up single-family homes in Georgia.
What exactly does this bill do? Also known as House Resolution 6644, this legislation cracks down on large out-of-state companies that mass-purchase single-family homes and drive up housing costs.
What lawmakers are saying:
- Sen. Ossoff: “It’s very difficult for Georgia families trying to purchase their first home to compete with huge out-of-state companies who have massive resources and are buying up tens of thousands of single-family homes across metro Atlanta and across the State of Georgia. That’s why we brought Republicans and Democrats together to pass legislation cracking down on large out-of-state companies from buying up single-family homes.”
- Representative French Hill (R-AR): “After years of work and months of negotiations with the Senate, the first major housing bill in decades heads to the president's desk. The 21st Century ROAD to Housing Act cuts red tape, increases housing supply, and will make homes across America more affordable.”
- Senator Elizabeth Warren (D-MA): “The historic 21st Century ROAD to Housing Act will address our nation’s housing crisis by boosting housing supply, bringing down costs, and — for the first time ever — stopping private equity from buying up homes. This bill will be the biggest housing bill in more than 30 years.”
Context: Originally sponsored by Rep. Hill, the bill now heads back to the House of Representatives so its different provisions can be resolved. After that, it will head to President Trump for final approval.
To achieve its desired effect, the bill prohibits large corporations that own at least 350 single-family homes from purchasing additional homes. This will be applied with certain exceptions, but most corporations could be subjected to financial penalties.
The bill also revises federal housing programs by expanding available financing for affordable housing and providing grants for planning and community development activities.
As an example, the bill increases the statutory maximum loan limits for mortgage insurance programs for multifamily homes and requires the use of a more specific inflation index for such loans.
