Bill > HB555

This bill, known as the Georgians First Residential Property Protection Act, restricts business enterprises from owning large numbers of residential properties in Georgia, specifically prohibiting ownership of more than 2,000 single-family residences or 10 multifamily residences starting January 1, 2026. The legislation provides a comprehensive framework for enforcement, allowing private citizens (called "claimants") to bring civil actions against businesses that violate these ownership limits, with potential damages of $15,000 per violation or actual damages. Notably, the bill allows for class action lawsuits and provides a four-year window for filing such actions. If a business enterprise is found to be in violation, the property can be subjected to a public sale, with proceeds distributed first to cover sale costs, then to outstanding liens, and finally to the business enterprise minus legal costs. The bill also prevents businesses owning properties in violation from leasing these properties, with any collected rental payments subject to forfeiture. Additionally, the legislation requires real estate brokers to disclose these ownership restrictions to their clients, ensuring transparency in property transactions. The bill aims to protect the residential property market by limiting large-scale corporate ownership of housing and providing mechanisms for enforcement and remediation.

Justice

https://www.legis.ga.gov/legislation/70600