U.S. Sen. Raphael Warnock joined other Democratic officials, including Atlanta Mayor Andre Dickens, in front of a corporate-owned house in southwest Atlanta Monday to celebrate a new federal law aimed at giving renters more hope in their quest to become homeowners.
The 21st Century ROAD to Housing Act became law at midnight Friday without the signature of President Donald Trump, who was protesting the lack of action on an unrelated bill.
The new law offers incentives to local communities to encourage more home construction and caps corporate ownership of rental housing, which became a growing issue after the Great Recession.
“Workers cannot compete with Wall Street when buying a home,” Warnock said, speaking in the middle of a temporarily closed Adamsville Drive in front of a corporate-owned house.
“They will outbid you every time.
“So, this is about fairness,” Warnock said, adding that Atlanta is “ground zero for private equity’s domination of the housing market.”
The house behind Warnock, which he said should be owned by an individual rather than a corporation, is listed in Fulton County property records as belonging to a company in Scottsdale, Arizona. DeKalb County property records list the same company as sharing a mailing address with Invitation Homes.
Invitation Homes was the subject of criticism last summer from another Democrat, U.S. Sen. Jon Ossoff, who held an event at the company’s Atlanta headquarters where renters could share complaints about conditions at its properties.
One renter described dangerous debris in his backyard that injured one of his dogs. Another complained about gas leaks at her home.
“We’re not humans to them.
“We’re dollar signs,” she said. “I felt completely worthless and small.”
Pew Research Center has concluded that the most significant solution to the housing crisis is to build substantially more homes.
Warnock noted that the new law encourages home construction, an effort he helped shape through amendments.
The law changes federal housing grant formulas to incentivize communities to allow denser development and faster permitting.
Warnock called the new law a necessary first step and praised the bipartisan collaboration that led to its passage, saying that cooperation is the only way to create lasting change.