As CBS News Atlanta previously reported, more than one in four single-family rental homes in metro Atlanta are owned by large corporate investors — more than 72,000 homes — giving the region one of the highest concentrations of institutional ownership anywhere in the United States.
Housing advocates have argued that those companies can outbid families with cash offers, reducing the number of homes available to first-time buyers while contributing to higher home prices and rents.
Warnock has repeatedly cited those trends in pushing the legislation, saying corporate investors have increasingly treated homes as financial assets instead of places for families to live.
Good! Those fucking passive income vultures.
Canada needs to do this.
Its interesting the way legislation gets copied around the world - watching the cannabis reform was a great example.
Mamdani might also lead the way in a similar sense I’m hoping.
Hopefully both of these blaze some trails for the majority of us…
Why are we still linking to CBS news? Can’t trust that shit.
I’m out of the loop, what’s wrong with CBS news?
CBS is officially a mouthpiece of the Conservative Propaganda Machine, along with Fox News. Their news is now directly promoting the MAGA agenda. Scott Pelley, a highly regarded investigative journalist quit after being pressured to included unsourced and unverified claims in his reports, which means those reporters who remain, are succumbing to those pressures to report MAGA lies
Further, MAGA propaganda is seeping into their programming. Law enforcement is always righteous, even when they break the rules to protect America. The enemies are always standard MAGA boogeymen like domestic terrorists from Portland, or Iranian terrorist sleeper cells, even though none of that has ever actually existed in America. And that’s just the stuff that is happening with existing shows, future shows will be much more direct.
CBS was bought by the Ellisons, who also own Oracle. Larry Ellison is the second richest man in the world, and a Sociopathic Oligarch with a vicious MAGA streak, and his son is chip off the old psychopathic block. He has a lifelong reputation as a proud and enthusiastic asshole, and LOVES to do damage and hurt people for profit. His son is just as arrogant, and as we’ve seen, the Nepo-Babies are often worse than their parents.
Now these people have bought CNN as well, one of the Right’s biggest targets, and they will start dismantling it, too. Now they want to buy Warner Bros, so they can start manipulating our heritage, and continue to manipulate public opinion through entertainment.
The silver lining is that MAGA is virtuosically incompetent, and they’ll eventually screw this up. If their arrogance doesn’t do them in, then their complete misunderstanding of what people find entertaining will. Conservative entertainment is ALWAYS heavy-handed, humorless, and boring. They will ultimately be brought down by their own bad personalities.
There are good reasons that MAGA is so despised, and they aren’t going to translate into entertainment programming.
Hoo boi, I’ve got some bad news.
Basically after a bunch of sales and crap, CBS is now also owned by the Ellisons, and also walking fascist self-contradiction Barri Weiss is heading CBS News.
Trump stooges, billionaires, accelerationist, anti-everyone, zionist types. . . And they’re buying up every major media outlet without being stopped. It’s pretty disgusting.
https://www.npr.org/2025/09/12/nx-s1-5537152/cbs-news-ellison-steps-appease-trump
Thanks, I had not heard about it.
Alternative to CBS.
I’ll note that this is happening as corporate owners are net sellers, not buyers. There are better uses for their money (they think) than holding onto houses now. This is good for the future, and nice in certain areas that were getting choked to death. But… corporate owners only have ~3-9% of the single-family home market (source). Every little bit helps, though we need cities to fix up zoning and increase density. (There’s incentives for them to do that now iirc, so push for density on the ballot this fall!)
They need to be forced to sell en mass and the limit needs to be was lower like 5 not 350
I knew he’d do some good. :) I was hopeful when Georgia elected him. That hope wasn’t misplaced.
Private equity really the problem? In Canada, these are all mom and pop boomer investors.
Canada passed a law against foreign buyers but it did nothing because it was <3% of buyers, but it made everyone feel better.
It’s a pretty high limit, so no impact on small investors.
I don’t see it making much difference, but maybe it’s just not as common where I live. It’s a start though. I don’t think there’s going to be a single fix but maybe enough small fixes will add up
Private equity really the problem? In Canada, these are all mom and pop boomer in
you know waht. its a start. We dont need to solve it all in one pass, but doing nothing isnt the solution
The thing is, the power is in the hands of existing home owners who financially benefit from a shortage of housing supply.
Solving the housing crisis and homeowners growing their equity are two goals totally at odds with one another.
No government in north america or the eu is ever going to tell the haves “good job paying off your mortgage, but I’m afraid the value of your home is now hundreds of thousands of dollars less than what you paid for it”.
As long as housing is considered an investment it will never be affordable.
But actually ignoring the real problem and making panacea laws doesn’t help anyone. You can pass a law banning intergalactic space travellers from buying houses, but is the point to do something, or just look like you are?
If Trump didn’t veto it, there must be some loopholes large enough to drive a battleship through…
Senate vote was 85-5
Ron Johnson of Wisconsin Mike Lee of Utah Rand Paul of Kentucky Rick Scott of Florida Tommy Tuberville of Alabama
Guessing Trump knew it would be a losing battle to veto it. Also, it should make him look better with him having to do nothing but stay out of the way
Damn, fuck Russian Ron Johnson. The democrats really left Barnes out to dry against Ron Johnson and he ran an awful campaign. It still blows my mind that the same election elected Democrat Evers for governor and Ron Johnson. What a wild split ticket.
Rick Scott voting against his constituency?
Shocker.
- A Floridian, speaking sarcastically
Fuck Rick Scott to hell and back. He is in it for the $$$ and nothing else, does not give even one fuck about the people of Florida. I cannot imagine voting for him, such a high level scammer.
It sure would be cool if Ron Johnson would go grab a drink with Lady G and Mitchy boy. I truly hate that man.
it was also an opportunity for everyone to kumbayah and get some good press on addressing affordability
I wonder how this is going to affect https://arrived.com/ – I have some minor investments there I’d prefer not to lose.
Still, this is quite good news, for exactly the reasons Warnock says, even if I lose every red cent in my arrived account.
Ewwwww. I sincerely hope every penny you gave them vanishes. You don’t deserve it back for investing in something so slimy.
Eh, one of the founders is a friend of a friend, I don’t think it’s “slimy”. Though I have complained about some aspects both publicly and privately to him.
It was easier to get into than to actually buy my own property, but there’s been a lot of changes to it since I bought my first shares of a local (to me) property.
hopefully it negatively affects that investment quite heavily
That’s genuinely fantastic news.
The skeptic, pessimistic part of me now wants to know how BlackRock et al will get around this with creative corporate and financial shell games, because I’m absolutely sure they will try to do just that.
They’ll buy up property management companies who will then buy the houses to rent out.
The law actually does prevent shell games as written, but they can still buy larger homes and complexes and up to 350 at that.
Perhaps now we will see those Scifi Megastructures that eventually fall into anarchy and become ungovernable black markets lmao.
Yeah, what’s the gaping truck-sized loophole no one’s reporting on yet?
Probably simply that affiliated companies don’t count towards that total number. So they can make an infinite number of subsidiaries as long as they’re individually under 350 properties each.
Change in the definition of what a single family home is in 3, 2, 1…
An important distinction here is that BlackRock is not a PE firm. They are an asset management company. Now, that’s not to say they’re not in the business of buying up homes, just that they’re not PE. Blackstone is the PE firm which has been buying up single family homes. They’re different companies. Both evil though.
If there is no enforcement then why bother to write laws down?
I see an awful lot of non-enforcement of laws that are already on the books.
Blackrock splits into redrock, orangerock, yellowrock, etc.
All owned by rainbowrock (a blackrock® company).
Because it’s not a ban on private equity purchasing homes, it’s a limit of 350 going forward. Because as if that limit isn’t absurdly high (it should be more like 3) it’s also unlikely to hold up in court. They should have levied increasing taxes.
Frankly the limit should be 0 for private equity. The only exception should be for mortgage lenders (for obvious reasons) who should also not be ownable by PE or VC.
It should not be legal for corporations to own a residential property outside of the context of a mortgage. Any corporation (here, including banks) owning a residence for the purpose of rental income should be flat out illegal as well.
You mean it’s legal for mortgagerock?
If it were me, I would have just passed a federal tax on property where whatever the local city, state, and county taxes are, there’s also a federal levy of property taxes of the exact same amount multiplied by the number of properties each taxpaying owner owns - 1.
So if you own one home, you pay no additional taxes.
If you and your spouse own two homes, you pay no additional taxes.
But if you own five 1 million dollar properties as a single person and the property taxes on each of those properties is $5,000, then instead of paying a total of $25,000 in property taxes as a single homeowner, you would pay
$5,000 * 4 * 4 + $5,000, or $85,000/yr.
That $60,000 a year difference for being a multiple homeowner would go into a fund specifically to provide grants and assistance for low-income renters and first-time homebuyers.
This would make it so that owning multiple homes becomes a sign of affluence.
And it would put a steep price curve on going over the limit of even moderately reasonable amounts of homes to own as a person.
Adding one additional $1 million home with a $5,000 property tax annual on it would actually add another $45,000/yr to the taxes that you would pay compared to someone who only owns that single home.
This is part of my pitch to become president in 2032 when I become eligible.
A starter home where I live is almost 1 mil. The prices would go down if any real legislation passed but a 1 mil home isn’t the end all be all.
Oh, slight correction. Add the original taxes to the numbers I generated because the federal taxes are separate from the city, state, and local taxes.
So in the first example, $85,000 plus $25,000 equals $110,000 a year to own five $1 million properties at $5,000 a year property taxes.
And in the second example, $130,000 plus $30,000 equals $160,000 a year to own the sixth one.
How do you differentiate between private equity and regular corporate ownership though? Because building and operating apartment buildings takes a lot more money than the average individual has.
Yeah, so to me, that sounds like a great argument for public funding of housing. We don’t have to make them like old Soviet-bloc mega apartment complexes (I admit I am fond of some of the exterior aesthetics and building arrangements the Soviets tended to do, but the insides were more or less concrete shoeboxes (“to each according to their needs”, ostensibly, but imo in practice it was often far too minimal, and often not even truly meeting a given family’s needs)). And we don’t need and shouldn’t expect them to be massive profit generators (much like we don’t need and shouldn’t expect mass transit to be a massive profit generator). We could build quite comfortable public housing, pair it with substantially improved public physical and mental healthcare, and not only effectively solve homelessness overnight, but simultaneously make a long-term investment in the viability of American society (including but not limited to birth rates, happiness indices, GDP (more people doing well = more people able to contribute to the pool = gdp go up), education, residential ownership, diminishing crime… we can go on).
Oops, I slipped into “we should be more socialist” mode lol
Oops, I slipped into “we should be more socialist” mode lol
I dunno this plan sounds like it opens up a whole lot more Individual Freedoms ©️™️ 🦅 🇺🇸 for more individual people!. . . As a group demographic comprised of individuals, of course. 😉
(Y’know, for your upcoming campaign. Rooting for you!)
It’s actually not bad, prevents shell games, but still allows them to keep properties they already own and allows up to 350 new properties larger than single family.
A potential hack would be offering loans to businesses to buy 350, and if theyvreally want to push the limits they can try to buy the smaller companies which just so happens to transfer their properties.
Apparently PE was already getting out of the market? A how money works video said that they represented ~25% of recent home sales despite having ~7% of homes.
how bout ban them in general, since they are ruining alot of companies.
Now pair with legislation that says all existing corporate owned properties are taxed at 100% of any revenue derived from ownership of those properties
I’d start with taxing 100% property taxes of empty properties as a logical next step.
I get where you’re coming from and an for the sentiment, but that will need at least some sort of caveat or having to sell the house of a lost family member will be become very dangerous.
Or buying a foreclosure and making it livable.
Cool. Both.
Under the Constitution, legislation passed by Congress can become law if the president neither signs nor vetoes it within the required 10-day window while Congress remains in session.
I wonder if Trump simply misunderstood the execution of a Pocket Veto when he refused to explicitly sign or veto the law.
Also, a little nervous at the prospect of the SCOTUS deciding to rewrite the rules on the pocket veto. Or whether they’ll just find some other bullshit reason to overturn this law.
Good on Warnock for getting this language through a minefield of a legislature. If there’s a bright spot on the horizon for 2027, its guys like this in high office. But I’m not pinning my hopes given how absurd the deck has been stacked against the working class of late.
It was passed with a super majority in both houses of Congress. Even if Trump decided to veto it, it could get voted by that same super majority to override that detail, and get past, anyway, regardless of the veto. So, under those same auspices, if the president simply refuses to sign it and refuses to Vito, it automatically becomes law.
this Bill was passed by a Supermajority (2/3+ majority) in Congress, which means that it doesn’t require the President’s approval to become law
The President can manually veto it. But with that much support, the legislature would presumably override.
A pocket veto would let the president deny the bill from becoming law by refusing to give the legislature an opportunity to override it. But with Congress in session, that shouldn’t work.
So fuck Trump and his Election Cheating Act
I mean, it looks like he’s finding other ways to cheat. This election will likely go down as one of the gnarliest since Kennedy beat Nixon.
The President can manually veto it. But with that much support, the legislature would presumably override.
yeah, I literally just explained that
A pocket veto would let the president deny the bill from becoming law by refusing to give the legislature an opportunity to override it. But with Congress in session, that shouldn’t work.
I just explained that, too
I mean, it looks like he’s finding other ways to cheat. This election will likely go down as one of the gnarliest since Kennedy beat Nixon.
no argument there, but he’s been been pulling this crap for a decade now. lest your forget Jan 6, 2021. at this point, anyone who doesn’t get this (in the USA) is actively participating as part of the opposition.
he’s been been pulling this crap for a decade now
He’s been trying. I don’t think he’s ever been in such a strong position to outright steal elections. Even Bush Jr didn’t have it this good.
He’s been trying and failing for over a decade now, and he has an entire circus tent full of incompetent ass clowns. Even Bush Junior at least had competent people by his side. Even Bush Junior was capable of winning two consecutive terms. Bush W never tried to overthrow the government.
What on earth makes you think that Trump could ever do better than W? shit, even George W. Bush at least served in the Texas National Guard. (how dare you make me defend that turd). W had it way better because he never earned the amount of disapproval and hate that Trump has earned. No president has ever been hated as much as Trump.
You’ve been drinking too much Kool-Aid, or you are just so young, that you don’t remember being alive when George W. Bush was still president you didn’t live through all of that. But don’t speak as if you’re knowledgeable about the facts, because you’re very obviously are not.
Trump never got anything that someone didn’t give him. Even most of the GOP has turned against him at this point. You haven’t been paying attention.
Stop spreading the lies of the fascists, stop being their tool
Even Bush Junior was capable of winning two consecutive terms.
It’s certainly been something of a joke that Trump needed Obama/Biden in office to steal elections.
But go out to Florida or Mississippi or Arizona or Ohio and you’ll find enough election irregularities to swing a race. Texas very famously shut down over 100 polling locations just last year. Mail in voting has been radically parred since the 2020 sweep. In fact, 2021 set the record for most restrictions on voting passed in a single year.
So the GOP underbelly seems to be on the case, even when the Trump administration fumbles.
You’ve been drinking too much Kool-Aid, or you are just so young, that you don’t remember being alive when George W. Bush was still president
I mean, I voted in 2000, and got to watch the Brooks Brothers Riot in real time.
But that pales beside J6, even if a young Kavanaugh succeeded where an elderly Roger Stone failed.
Stop spreading the lies of the fascists
Liberals simply will not accept that their system of elections is compromised to a permanent end, even as the SCOTUS power washes minority voting districts off the map.
Quick! Someone dangle something shiny in front of him before the window closes!
Maybe hold an award ceremony from “FIFÔ. They are award him the FIFÅ Award for Outstanding Achievement in the Field of Excellence. That might distract him long enough…
Great, now do apartments.
Does this not apply to at least some apartments? And a lot more now that it just became federal law?
The headline says it applies to single family homes.
Homes, not houses. An apartment can be a home.
I was more focused on the “single-family” part. But I have no idea what it really covers. I don’t think apartments are considered single-family homes since there are usually more than one unit.
No, I get that. People hear “single-family” and think that would only apply to a house, when single families often live in single, unit apartments. Just be glad you’ve never been so poor that you had to know about this. But tens of millions of families have never known anything other than this.
This bill is huge and convoluted, and covers rather a lot and a lot of different places
It’s a great way to get younger people to stop caring when they can’t actually afford to own anything. This is a step in the correct direction, corporate gatekeeping needs to end, we need to give people opportunities to own. If someone rents, borrows, and leases their entire life, why would they care if it all goes to shit?
And let’s not forget: the younger people of today are the older people of tomorrow. Except for those who are handed things due to generational wealth, we’re looking at an extremely large contingent of the country (world?) which will own nothing. Perhaps the largest ever such contingent. Does not seem like a sustainable situation over any extended term.
I’ve become so jaded that I’m sitting here thinking, “if this was actually going to work the private equity firms would’ve never let it pass.
They realize the market is at peak so they’re going to get out anyway.
Or, better theory, they’ve grandfathered in existing arrangements so it’s just keeping out additionally PE firms.
My first thought was “what is a private equity firm” really and does the law have provisions for firms that are owned by private equity.
If some numbered corporation in Delaware owns a house and private equity owns a controlling stake in that firm can it still own housing.
What I’m asking is what is the blood quantum of a cooperation.
