Bill > HB864

This bill, known as the "End Corporate Ownership of Georgia Homes Act," introduces a comprehensive set of regulations aimed at reducing corporate ownership of single-family homes in Georgia. The legislation requires corporations (defined broadly to include entities subject to corporate net worth tax, real estate investment trusts, and those owning more than 20 single-family dwellings) to submit detailed annual reports to the state auditor, beginning December 31, 2025, disclosing information about their residential property holdings, including the number, location, purchase price, and assessed value of each property. The bill mandates a gradual reduction of corporate home ownership, with corporations required to decrease their housing ownership factor by 20% each year, starting from 80% in 2026 and reaching 20% by 2028, with the goal of eliminating corporate home ownership entirely by December 31, 2030. Corporations that exceed these ownership limits or continue to own single-family dwellings after the 2030 deadline will face substantial fines of $750,000 per excess property. The Department of Community Affairs will create a public online portal listing corporations' property holdings, promoting transparency in the real estate market. The act becomes effective on July 1, 2025, and aims to address concerns about corporate consolidation of residential real estate.

Government Affairs

https://www.legis.ga.gov/legislation/71671