New Report Shines Light on Rise and Spread of Private Equity Homeownership in Atlanta

A new report reveals how federal and state policy failures following the 2008 financial crisis handed Wall Street investors control of a significant share of Atlanta's housing stock

In April, Senator Warnock visited Paulding County to highlight his private equity ban to stop corporate investors from purchasing single family homes

There are roughly 72,000 corporate owned homes in metro-Atlanta, more than double any other metro area in the country

30% of Atlanta's single-family housing supply is owned by Wall Street firms

Corporate investors have cost Georgia families an estimated $5 billion in lost home equity, with Black homebuyers bearing $3.5 billion of that loss

Washington, D.C. - A new report from the American Economic Liberties Project (AELP) examines how federal and state policy failures after the 2008 financial crisis handed Wall Street investors the keys to Atlanta's housing market, sheds light on the rise and spread of investor-owned and built rental housing in Atlanta, and details what corporate homeownership means for tenants, homebuyers, and communities across the country. The report follows the U.S. Senate's recent passage of Senator Warnock's private equity housing ban, included in the bipartisan ROAD to Housing Act-the largest housing reform and affordability legislation in a generation.

"This report makes clear what we know to be true-private equity has preyed on Atlanta for nearly two decades and made it more difficult for hard working Georgians to purchase their piece of the American dream," said Senator Reverend Warnock. "My bill is an important first step in addressing this issue, but there is so much more work that needs to be done. We must remain focused on delivering for the people every single day."

The report finds that corporate investors took advantage of constricted supply in Atlanta and made it worse. This dynamic has hurt renters and aspiring homeowners and cost Georgia families an estimated $5 billion in lost home equity, with Black homebuyers bearing $3.5 billion of that loss.

The report also highlights how Wall Street investors specifically targeted Atlanta after Federal policy choices following the global financial crisis of 2008 made it easier for corporations to scale up and buy Georgia homes. Weak tenant-protection laws and low home prices helped make metro-Atlanta ground zero for an institutional investor take over.

Since coming to the Senate, Senator Reverend Warnock has worked to increase affordable housing and illuminate a path to homeownership. In March, the U.S. Senate passed Senator Warnock's provision to ban large corporations from mass purchasing single-family homes in the bipartisan 21st Century ROAD to Housing Act by a vote of 89-10. In April, Senator Warnock visited Paulding County, GA to bring attention to the this growing problem and its spread throughout Georgia. Corporate investors own nearly 4,000 single-family rental homes in Paulding County. This has squeezed many first-time home buyers out of Paulding County and forced many perspective buyers out of the area altogether.

As one of twelve brothers and sisters growing up in public housing in Savannah, Senator Warnock deeply understands the importance of having a place to call home and homeownership. Last spring, the Senator introduced a transformative housing package that would address rising rental costs, downpayment fees, and the overall lack of available housing units. The Senator also partnered with the top Democrat on the Senate committee that oversees federal housing policy to introduce legislation that would build nearly three million new housing units.

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