Atlanta, Georgia (CBS46)-Large companies continue to step up their commitment to the Atlanta housing market.
Many of them have their headquarters outside the state.
and Wednesday Atlanta Regional Housing ForumExperts have scrutinized the role that corporate landlords play in the Atlanta housing market.
Large companies continue to buy tourettes and build torrents within Metro Atlanta, according to housing experts.
A higher percentage of black buyers are being kicked out, according to new data from Brian Yang, an assistant professor at the Georgia Institute of Technology’s Faculty of Urban and Regional Planning.
According to Desiree Fields, a researcher at the University of California, Berkeley, four companies, Invitation Homes, American Homes 4 Rent, Tricon Residential, and Front Yard Residential, own more than 27,000 single-family homes in Metro Atlanta.
“It’s a daily occurrence now,” said Antonio Markerson, a real estate agent at Berkshire Hathaway Home Services Georgia Property.
According to Markerson, the recent seller he represented was initially trying to sell her home in Stockbridge to a local buyer who intended to live there.
However, Markerson explained that buyers had a hard time refusing to promptly offer cash on hand from corporate investors.
“Because of that cash offer from that investor, it makes it very difficult for them not to accept it,” Markerson said.
Markerson said having strong lenders will help buyers fight the role of corporate investors.
“Corporate landlords are showing an increasing power imbalance in the housing market,” Fields said.
She said new public policy was needed to deal with this imbalance.
The mayor of College Park is also calling on state legislators to give cities more options to regulate corporate landlords.
Bianca Motley Bloom, Mayor of College Park, said:
According to Motley Bloom, about 75% of College Park residents are renters.
She said the competitive housing market, which benefits sellers, is challenging her own urban workers.
“We have city employees who want to live in the city of College Park but are priced,” said Motley Bloom.
Bloom emphasized that he wanted to see a viable path to resident ownership.
“I think it’s at stake that people have the opportunity to build wealth and pass it on to the next generation,” Bloom said.
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