HR656: HR656 House Study Committee on Expanding Home Ownership Opportunities for Georgians; create

26 LC 59 0299S The House Committee on Rural Development offers the following substitute to HR 656: A RESOLUTION Creating the House Study Committee on Expanding Home Ownership Opportunities for1 Georgians; and for other purposes.2 WHEREAS, the Georgia General Assembly affirmed by law that "hou sing is an issue of3 paramount concern to this state which affects the health, welfare, and safety of the citizens4 of this state and the economic viability and planned growth of its communities"; and5 WHEREAS, Georgia is currently ranked as the most at risk state in the nation for housing6 market disruptions, rental increases, and unsafe conditions from private equity investment7 in housing; and8 WHEREAS, three corporate landlords own over 19,000 homes in the metro Atlanta area,9 constituting nearly 11 percent of the single family homes avail able for rent in Fulton,10 Clayton, DeKalb, Gwinnett, and Cobb counties; and11 WHEREAS, institutional investors are increasingly expanding int o suburban, rural, and12 coastal counties, such as Barrow, Bartow, Bryan, Carroll, Colum bia, Effingham, Hall,13 Paulding, and Walton counties; and14 H. R. 656 (SUB) - 1 - 26 LC 59 0299S WHEREAS, out-of-state institutional investors own 30 percent of all single family rental15 properties in Atlanta; and16 WHEREAS, home ownership has historically been a key source of wealth and stability for17 middle class families; and18 WHEREAS, the median home price in Georgia rose from approximate ly $132,000.00 in19 2013 to over $320,000.00 in 2023 and $360,000.00 in 2025; and20 WHEREAS, increasing institutional ownership of single family homes will continue to put21 the goal of home ownership further and further out of reach for Georgians; and22 WHEREAS, a study is needed to evaluate the current housing stoc k and expand home23 ownership opportunities for Georgians.24 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES:25 (1) Creation of House study committee. There is created the House Study Committee26 on Expanding Home Ownership Opportunities for Georgians.27 (2) Members and officers. The committee shall be composed of seven members of the28 House of Representatives to be appointed by the Speaker of the House of29 Representatives. The Speaker shall designate a member of the committee as chairperson30 of the committee.31 (3) Powers and duties. The committee shall undertake a study of the conditions, needs,32 issues, and problems mentioned above or related thereto and recommend any action or33 legislation which the committee deems necessary or appropriate.34 (4) Meetings. The chairperson shall call all meetings of the committee. The committee35 may conduct such meetings at such places and at such times as it may deem necessary or36 H. R. 656 (SUB) - 2 - 26 LC 59 0299S convenient to enable it to exercise fully and effectively its powers, perform its duties, and37 accomplish the objectives and purposes of this resolution.38 (5) Allowances and funding.39 (A) The legislative members of the committee shall receive the allowances provided40 for in Code Section 28-1-8 of the Official Code of Georgia Annotated.41 (B) The allowances authorized by this resolution shall not be received by any member42 of the committee for more than five days unless additional days are authorized. Funds43 necessary to carry out the provisions of this resolution shall come from funds44 appropriated to the House of Representatives.45 (6) Report.46 (A) In the event the committee adopts any specific findings or recommendations that47 include suggestions for proposed legislation, the chairperson shall file a report of the48 same prior to the date of abolishment specified in this resolut ion, subject to49 subparagraph (C) of this paragraph.50 (B) In the event the committee adopts a report that does not i nclude suggestions for51 proposed legislation, the chairperson shall file the report, subject to subparagraph (C)52 of this paragraph.53 (C) No report shall be filed unless the same has been approved prior to the date of54 abolishment specified in this resolution by majority vote of a quorum of the committee.55 A report so approved shall be signed by the chairperson of the committee and filed with56 the Clerk of the House of Representatives.57 (D) In the absence of an approved report, the chairperson may file with the Clerk of the58 House of Representatives a copy of the minutes of the meetings of the committee in lieu59 thereof.60 (7) Abolishment. The committee shall stand abolished on December 1, 2026.61 H. R. 656 (SUB) - 3 -