Warnock, Atlanta Mayor Dickens, Councilmember Boone Celebrate Warnock-Led Provision That Will Keep Homes in the Hands of Georgia Families

On Monday, Senator Reverend Raphael Warnock held a press conference with Atlanta Mayor Andre Dickens and Atlanta City District 10 Councilmember Andrea Boone to celebrate the enactment of the 21st Century ROAD to Housing Act

Senator Warnock's provision to ban large corporations from mass purchasing single-family homes became federal law on Saturday morning

Private equity has rapidly spread through Georgia's housing market, with more than one in four single-family rental homes in metro Atlanta owned by large corporations

The housing package includes provisions championed by Senator Warnock that will boost housing supply by cutting red tape, investing in local innovation, and reforming legacy housing programs

Senator Reverend Warnock: "Housing is dignity, housing is stability, housing is hope"

Photo Credit: Joshua Spruiel/City of Atlanta

Above: Senator Warnock in Atlanta (also pictured from left to right: Jacob Parcel and his son, Atlanta City District 10 Councilmember Andrea Boone, and Atlanta Mayor Andre Dickens)

Atlanta, GA - Today, U.S. Senator Reverend Raphael Warnock (D-GA) held a press conference in the Adamsville neighborhood of Atlanta with Atlanta Mayor Andre Dickens, Atlanta City District 10 Councilmember Andrea Boone, and prospective first-time homebuyer Jacob Parcel to celebrate the enactment of Senator Warnock's landmark provision prohibiting private equity firms from mass-purchasing single-family homes. The provision was included in the bipartisan 21st Century ROAD to Housing Act, the largest housing reform and affordability legislation in a generation. The bill became federal law early Saturday morning.

"Housing is dignity, housing is stability, housing is hope," said Senator Warnock. "When you set politics aside and center the people, you have a chance at getting the public policy right. I promised the people of Georgia that I would walk with them, even as I work for them, and so it's good to be walking through this neighborhood today and to think that over the weekend we were actually able to bring some good news."

"Senator Warnock understands the urgent need to address a challenge that Atlanta and other major cities have been facing for far too long," said Mayor Dickens. "When large institutional investors and private equity firms buy up neighborhoods and homes in bulk, it becomes much harder for working families to achieve their dream of homeownership, and it becomes harder for longtime residents to remain rooted in the communities they helped build."

"Imagine saving long and hard for a down payment on a home, your piece of the American dream. You have every requirement in order, only to be disappointed time and time again because the dream is out of your reach," said Councilmember Boone. "Today, I'm happy to tell you we've turned that corner. Thanks to the relentless leadership of Senator Warnock, this private equity ban legislation makes it clear our communities are not investment portfolios. No one should have to outbid Wall Street to build a life."

"Me and my wife resonate with this closely because we ourselves have been trying to buy a home for the last two years, and homes in our area have been few and far between. And the ones that are for sale are just simply too expensive," said Jacob Parcel, a prospective first-time homebuyer and third generation Smyrna, GA, resident. "I believe if you work hard and if you save for years, you should be able to buy a home in the neighborhood that you want to be in…That's why I'm grateful to Senator Warnock for fighting for us in Washington, and I appreciate all the efforts that he's made."

On Saturday, despite passing the House and Senate with overwhelming bipartisan support, the 21st Century ROAD to Housing Act became federal law without President Donald Trump's signature. Lauded as the most consequential housing package in a generation, the legislation delivers relief to a housing market crippled by the ongoing affordability crisis.

In addition to the ban on private equity, the 21st Century Road to Housing Act also includes provisions from Senator Warnock's Appraisal Modernization Act, the only fair housing provision in the legislation, and several bills Senator Warnock has championed for years to reform rural housing programs, penalize local governments for failing to meet housing goals, incentivize local governments and banks to invest more in the construction of housing, and provide grants and forgivable loans to help homeowners repair and weatherize their properties.

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