re: 3 corporations now own 19,000 metro Atlanta homes

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The End Hedge Fund Control of American Homes Act seeks to put an end to this harmful practice of hedge funds buying up single-family homes:
•Bans hedge funds from owning single-family homes and requires them to sell at least 10% of the total number of single-family homes they currently own to families per year over a 10-year period.
• Subjects hedge funds to a $50,000 per single family home per year tax penalty on the number of single- family homes owned above either zero or a scheduled 10% reduction per year over 10-years winding down to zero. o After a 10-year full phase-out, all hedge funds will be completely banned from owning any single-family homes.
• Imposes a 50% tax on the fair market value of any future hedge fund purchase of a single-family home.
• Tax penalties paid by hedge funds are reserved for down payment assistance for people seeking to purchase homes sold by hedge funds.
• Ensures the tax penalty focuses on problematic actors by excluding nonprofit organizations, public housing agencies and other government entities.
• Includes an explicit certification process for a purchaser of a hedge fund owned home to confirm that they do not own a majority interest in any other single family residential real estate.

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