Atlanta Daily World Reports
Atlanta Daily World
https://atlantadailyworld.com/
On Monday, July 13, District 10 Atlanta City Councilmember Andrea Boone, U.S. Sen. Rev. Raphael Warnock (D-GA), Atlanta Mayor Andre Dickens, and prospective first-time homebuyer Jacob Parcel held a press conference in the Adamsville neighborhood of Atlanta to celebrate the enactment of Sen. Warnock’s landmark provision prohibiting private equity firms from mass-purchasing single-family homes in areas like Adamsville, where Boone and Dickens grew up. 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.
“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.”
“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.”
“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.”
The 21st Century ROAD to Housing Act became federal law on July 11 without a presidential signature. The bill passed the House and Senate with bipartisan support. Held as the most comprehensive housing package from Congress, the legislation aims to support a housing market impacted by the ongoing affordability crisis.
