While the federal government is largely to blame for driving prices up through overspending and increasing interest rates, the crisis at the border has also created a crisis in the housing market. Over the last 3 ½ years, over 10 million illegal immigrants have poured in over the southern border. That is more than the population of 40 different states. To put it in perspective, Georgia’s population is roughly 10 million. If all the immigrants were placed in Georgia, that would double Georgia’s population. While immigrants eventually settle across the United States, many policymakers use tax-funded programs to help provide homes for immigrants. These programs have led to a crisis of pricing and scarcity.
Locally, it has been difficult for many middle-class Georgians to find a safe, affordable place to rent. Fortunately, earlier this year on July 1st, House Bill 404 took effect, giving Georgia renters more rights. This law, called the Safe at Home Act, requires landlords to provide a home to renters that is safe for habitation. It also provides a three-day grace period for rent to be paid.
Before the enactment of this law, a landlord could start the eviction process if rent was missed by one day.
Atlanta, Georgia has been one of the hottest housing markets in the United States. This summer, the housing market began to cool down in Atlanta due to high interest rates on mortgages. On average, most homes are sitting on the market to be sold roughly 90 days. Even though houses are sitting on the market longer, their prices continue to increase. Earlier this year, it was reported that over half of metro Atlanta renters could not afford their rent due to the constant price increases. Some of this was due to gentrification in certain areas of Atlanta. In May, it was reported that rent prices were beginning to fall in the Atlanta area due to a wave of new apartments being constructed. Time will tell if immigration continues to affect the Atlanta housing market.
