The officials argued that House Bill 1093 would take away cities’ ability to regulate residential developments that are built to lease, pre-empting officials on zoning, permits, certificate of occupancy, conditional use and re-zoning.
Paul said there is already a limited amount of housing available for sale in Sandy Springs and the bill would further squeeze out prospective middle class and lower income buyers.
“Are we the state that puts value on our families or are we going to tip the scale to major corporate buyers who come and scarf up all this property and all this housing at the expense of our families,” Paul said.
Motley Broom added that 75% of residents in College Park are renters and the city is working with local banks to provide more home buying opportunities.
“The opportunity for intergenerational wealth does not exist in this type of model where a corporate citizen comes in and buys a huge swath of land,” Motley Broom said.
A February article by Sandy Springs-based Rangewater Real Estate says that at the end of September 2021 investors represented at least 43% of all home sales for the year in Metro Atlanta.
Last week, The Atlanta Journal-Constitution reported that sellers usually prefer cash offers to waiting for mortgage approval, adding that a Forsyth County property that fielded 155 offers sold for more than $200,000 over its list price.
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