Georgia lawmakers mount new push to rein in Wall Street homebuyers

Georgia lawmakers are mounting their biggest push yet to curb large corporate homebuyers’ influence over local housing markets. In metro Atlanta alone, institutional investors now own 30% of single-family rental homes, according to research by Georgia State University professor Taylor Shelton. That has driven home prices out of reach for many first-time buyers.

Instead of just limiting the number of houses an institutional investor can buy — an approach that failed in the last session — Rep. Derrick McCollum (D-Chestnut Mountain) is spearheading bipartisan legislation that would more than double the property taxes for big homebuyers who own over 1,000 single-family rental homes, and put the issue directly to voters.  

House Bill 1228 and its companion, House Resolution 1244, would tax those properties at 100% of the assessed value, instead of the 40% dictated by the Georgia Constitution.

The bill would require a constitutional amendment, so if passed, it would trigger a statewide ballot referendum in November. McCollum said he expects the measure to appeal to voters across party lines, noting that the additional tax revenue would be used to increase Georgians’ homestead exemptions on their primary residence.

→ Read our coverage of the proposed legislation here, which assesses how the Trump administration could influence state lawmakers’ efforts to crack down on mega-homebuying.

Housing affordability measures moving in Congress

As rising housing costs and limited supply nationwide heighten the need for a broader affordability push, the White House and Congress are at odds over how to tackle the US housing crisis.

The Trump administration has at times signaled an intent to make housing more affordable, but the president himself has waffled on how — or whether — he actually plans to make that happen. Meanwhile in Congress, both Democratic and Republican lawmakers are advancing bills focused on zoning reform, boosting residential development, and expanding housing tax credits to address entrenched affordability challenges, according to CNN.

Some proposals aim to fast-track construction permitting or offer financial incentives for affordable housing development. Others focus on expanding rental assistance and crafting targeted subsidies for low-income renters.

Kirkwood rejects micro-apartments for homeless seniors

Neighborhood Planning Unit O, which represents Kirkwood, Edgewood, and East Lake, has overwhelmingly rejected a developer’s request to rezone a 0.66-acre plot in a single-family residential neighborhood to accommodate a 47-microunit apartment complex for older unhoused Atlantans.

Stryant Investments wants to build the permanent supportive housing complex on land owned by Turner Monumental AME Church, located at 88 Howard St. It would house low-income people aged 62 and up who earn no more than $40,000 — half the area median income. The complex would offer services like substance use and mental health support.

Opponents at the Jan. 27 meeting raised concerns over the density of the proposed two-story apartment building, and its traffic impacts, particularly since the project includes only two parking spaces for the 47 residents.

The NPU O rezoning denial doesn’t end the project’s prospects: Now the Atlanta Zoning Review Board and then the City Council will still weigh its fate.

→ Read ACC’s full report on the controversy here.

More housing proposals at the Gold Dome

Atlanta Civic Circle is tracking housing-related bills under consideration by the Legislature.

Among the proposals are:

  • House Bill 1188: Sponsored primarily by Democrats, plus one Republican backer, this bill seeks to amend the state’s Fair Business Practices Act to require landlords to transparently disclose total rental prices and outlaw hidden fees on residential leases before agreements are signed.
  • House Bill 1233: Driven by Republicans, this bill would allow local governments to waive development impact fees on certain projects that create affordable housing, without requiring them to raise impact fees on other developments to make up for lost revenue.
  • House Bill 1035: This bipartisan bill, sponsored by four Democrats and two Republicans, seeks to protect homeowners from foreclosure over debts other than property taxes, such as unpaid home or condo owners association fees and assessments.
  • House Bill 61: A zombie bill from last session has resurfaced that would make it easier for extended-stay hotels to evict long-term residents on the spot.
  • House Bill 295: This Republican-backed bill would allow property owners to sue local governments for loss of property value or expenses incurred if the municipalities don’t enforce laws aimed at keeping unhoused people off the streets. 
  • Senate Bill 436: This Republican-led legislation proposes capping ownership of single-family rental properties by business entities at 500 homes and barring foreign investment firms from owning any such rental properties in Georgia.

→ Read ACC’s full legislative roundup here.

Atlanta’s housing development boom falls short on deeply affordable housing

Metro Atlanta’s uptick in new housing construction in recent years hasn’t translated into more deeply affordable units for the lowest-income renters, The Atlanta Journal-Constitution reports on a new study from the Center on Poverty and Inequality at Georgetown law.

To the contrary, the Atlanta-Sandy Springs-Roswell metro area saw some of the biggest rent increases for extremely low-income households among six major US housing markets from 2015 to 2023, second only to Phoenix, according to the study.

The study suggests that simply increasing housing supply isn’t enough — if new housing units remain out of reach for low-income earners. Rental cost burdens persist and displacement risks grow, it adds, without policies targeting affordability at the bottom of the housing market.

Thank you for reading Housing Happenings. Today’s newsletter was written by Sean Keenan and edited by Meredith Hobbs. Have tips, corrections, or questions? Just reply to this email.