Private equity firms can no longer buy single-family homes under new federal law championed by Sen. Raphael Warnock

The new law is intended to help families in Georgia and across the country compete for homeownership.

Sen. Raphael Warnock’s proposal to stop large private equity firms from buying additional single-family homes is now federal law after a housing bill became law without President Donald Trump’s signature.

Warnock announced Saturday that the measure is part of the bipartisan 21st Century ROAD to Housing Act, which became law after Trump neither signed nor vetoed the legislation within the constitutionally required 10-day window, CBS News Atlanta reported.

“I hear from Georgians across the state who have been clamoring for action from Washington on the affordable housing crisis, and this legislation is proof that when we center the people instead of the politics, we can get good policy done,” Warnock said in a statement obtained by the outlet.

The new law prohibits large private equity firms from purchasing additional single-family homes, an issue Warnock has said has made it harder for families to compete in the housing market.

The bipartisan legislation also includes measures to increase housing supply, expand rural housing programs and encourage local governments to build more housing. It also incorporates Warnock’s Appraisal Modernization Act, which aims to improve fairness in the appraisal process.

The law comes as concerns continue to grow over the role corporate investors play in the housing market. Wall Street firms own roughly 72,000 homes in metro Atlanta, accounting for about 30% of the region’s single-family housing supply, according to an April news release from Warnock’s office.

 “My bill is an important first step in addressing this issue, but there is so much more work that needs to be done. We must remain focused on delivering for the people every single day,” he said at the time.

Housing advocates have argued that private equity firms can outbid families with cash offers, reducing the number of homes available to first-time buyers while contributing to rising home prices and rents. Warnock has said corporate investors increasingly treat homes as financial assets rather than places for families to live.

The legislation marks a major milestone for Warnock, who has long pushed to limit corporate ownership of single-family homes as part of his broader effort to address housing affordability.