HB 555 — DID NOT CROSS: Georgians First Residential Property Protection Act

The "Georgians First Residential Property Protection Act," seeks to limit the number of residential properties that business enterprises can own in Georgia. Specifically, it prohibits any business entity, including its affiliates, from owning or controlling more than 2,000 single-family residences or more than ten multifamily residences in the state. If a business violates these limits, affected parties may sue for damages, and the state may force the sale of unlawfully owned properties through a public auction. The bill also forbids leasing properties that exceed the ownership cap and allows tenants to recover rent payments made under unlawful leases. Additionally, real estate brokers must inform business clients of these ownership restrictions.

The bill includes strict enforcement mechanisms, allowing civil lawsuits from private individuals and legal actions by the Attorney General or district attorneys to force noncompliant businesses to sell excess properties. Any rental income collected from illegally leased properties would be subject to forfeiture under Georgia’s civil asset forfeiture laws.

The bill aims to curb large-scale corporate ownership of residential properties, likely to address concerns over housing affordability and availability.