South Fulton calls on state to regulate investors buying single-family homes
South Fulton, Ga. (CBS46) - This week, the City of South Fulton unanimously passed legislation asking the state to develop regulations limiting the number of investor-owned homes.
“There is an overabundance of investors coming to South Fulton and we want to protect our community,” said Councilmember Carmalitha Gumbs.
“We want to have, encourage people to have homes and have the opportunity to live the American dream and be homeowners,” said Gumbs.
In a recent Redfin study, investors bought up roughly 33% of all single-family housing in metro Atlanta in the first quarter of 2022 – making Atlanta the number one metro area in the country for investor purchases.
City officials say the trend has driven up housing costs, rent amounts, and has resulted in an increase in evictions locally.
“Hopefully with this legislation, other communities will come on board and the state will be able to act,” said Gumbs, in an interview with CBS46 News on Thursday.
This year, city leaders across metro Atlanta have called for similar regulations.
“It’s very difficult when investors are snatching up every single house and then coming to us with build-to-rent subdivisions,” said Bianca Motley Broom, Mayor of College Park.
Motley Broom said roughly 75% of College Park residents are renters.
Mayor Andre Dickens has also called for limits on corporate investors.
Last year, Georgia lawmakers created the House Study Committee on Regulation, Affordability, and Access to Housing.
South Fulton’s resolution calls on the committee to regulate investor-owned housing and encourage owner-occupied housing in Georgia.
CBS46 News reached out to Rep. Dale Washburn, Chair of that House Study Committee. Rep. Washburn did not respond to our interview request.
The 2023 legislative session starts the second Monday of January.
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