U.S. Sen. Raphael Warnock met with 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 that seeks to give renters more hope in their quest to own a home.
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 construction, and it caps corporate ownership of rental housing, which became an 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 a person rather than a corporation, is listed in Fulton County property records as belonging to a company in Scottsdale, Ariz. DeKalb County property records have that same company sharing a mailing address with Invitation Homes.
Invitation Homes was the subject of criticism last summer by another Democrat, U.S. Sen. Jon Ossoff, who staged an event at his Atlanta headquarters so renters could complain about conditions at the company’s 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 has concluded that the most significant solution is to build a lot more houses.
Warnock noted that home construction is encouraged by the new law, which he helped to shape with amendments.
The law changes federal housing grant formulas in a way that incentivizes communities to allow denser development, with faster permitting.
Warnock called the new law a necessary first step. He praised the bipartisan collaboration that led to it, saying that is the only way to make lasting change.