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ATLANTA (WGCL) — Atlanta City Council members will discuss curbing predatory real estate sells tactics during its Monday council meeting.
The legislation will “prohibit commercial harassment by investors seeking to intimidate and pressure Atlanta homeowners into selling their properties for prices far below the estimated market value.”
According to city officials, Atlanta has seen increases in home values, however, legacy residents are missing out on those profits by selling their home at artificially low prices.
Officials noted Fulton County property records show that predatory tactics are prevalent in predominantly Black communities such as Pittsburgh, Venetian Hills, Grove Park, and Sylvan Hills.
In those areas, “more than one in four occupied homes were sold at less than half the estimated fair market value”, according to a city official.
Under the proposed ordinance, it will be illegal for an investor to contact an Atlanta homeowner regarding purchasing the homeowner’s home, if the homeowner has told the company no within a 180-day period.
CBS46 covered a story about predatory lending in Atlanta’s Westside community.
Investors who violate the ordinance could face up to $1,000 in fines.
Monday’s council meeting will take place remotely at 1 p.m.
The meeting will be simulcast on the council’s website, YouTube channel, Channel 26, as well as the Council’s Facebook and Twitter pages.
The public can tune into the remote meeting by dialing (877) 579-6743 and entering the conference ID number 8315991256.
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