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Proposed Georgia Bill Caps Institutional Housing Ownership

March 25, 2025

The Georgians First Residential Property Protection Act (HB 555), a bill in the Georgia state legislature, would limit business enterprises from owning more than 2,000 single-family homes or 10 multifamily properties in the state. 

Why it matters: The measure, sponsored by four Republicans and one Democrat, demonstrates increasingly bipartisan political concern over single-family rentals (SFR), but the limitation on multifamily property ownership signals a new pushback on institutional ownership of housing.

Go deeper: An updated version of the bill discussed in committee removed the multifamily language and provided transition language to allow businesses to reduce their exposure through 2029. 
 
  • In a committee hearing on March 3, the bill sponsor testified in support of a revised bill expressing concern about increased corporate ownership of SFRs in Georgia. The sponsor cited data that indicated no institution owned more than 1,000 single-family homes prior to 2011.
  • Enforcement would be through a private right of action rather than state enforcement against businesses that own more than 2,000 homes. 
  • The bill was reported favorably out of the Georgia House Judiciary Committee with only one legislator voting in opposition. The full state House has not yet acted on the bill. 

The big picture: Georgia legislative observers indicate the bill likely will not advance further this session. 

  • However, the near-unanimous committee approval with 12 Republicans and five Democrats on the committee indicates the growing local concern on the issue.
  • On the federal level, legislation targeting institutional ownership has been limited to Democrats, but moderates have been joining with progressives in supporting the legislation.
Contact David McCarthy (dmccarthy@crefc.org) with any questions. 

Contact  

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Proposed Georgia Bill Caps Institutional Housing Ownership
March 25, 2025
The Georgians First Residential Property Protection Act (HB 555), a bill in the Georgia state legislature, would limit business enterprises from owning more than 2,000 single-family homes or 10 multifamily properties in the state.
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News

Capital Markets Update Week of 3/25

March 25, 2025

Private-Label CMBS and CRE CLOs

Four transactions totaling $3.9 billion priced last week:

  • BX 2025-SPOT, a $1.3 billion SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to refinance a portfolio consisting of 95 industrial properties, two data centers, and a land parcel totaling 11.7 million sf in 10 states.
  • BXMT 2025-FL5, a $1.0 billion CRE CLO sponsored by Blackstone Mortgage Trust, Inc. The managed transaction is comprised of 19 loans secured by 90 properties. The top three property types are multifamily (53.7%), hotel (22.2%), and industrial (10.3%).
  • BMARK 2025-V14, a $939.2 million conduit backed by 35 five-year loans secured by 61 properties from Deutsche, Citi, Goldman, Barclays, and BMO.
  • BMO 2025-5C9, a $681.7 million conduit backed by 31 mostly five-year loans secured by 54 properties from BMO, Citi, Goldman, 3650, UBS, Deutsche, SocGen, and LoanCore.

By the numbers: Year-to-date, private-label CMBS and CRE CLO issuance totaled $44.1 billion, 130% higher than the $19.2 billion for same-period 2024. 

Spreads Largely Steady

  • Conduit AAA and A-S spreads were unchanged at +98 and +140, respectively.
  • Conduit AA spreads were unchanged at +180, while A spreads widened by 10 bps to +220.
  • Conduit BBB- spreads widened 25 bps at +500.
  • SASB AAA spreads were unchanged, ranging from +135 to +145, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +130/+135 (Static / Managed) and +355/+370 (Static / Managed). 

Agency CMBS

  • Agency issuance totaled $3 billion last week, consisting of $1.6 billion of Fannie DUS, $1.2 billion of Freddie K, SB, and Multi-PC transactions, and $222.6 million of Ginnie transactions.
  • Agency issuance for the year totaled $29.8 billion, 26% higher than the $23.6 billion for same-period 2024.

The Economy, the Fed, and Rates…

Economic Data and Outlook
  • Mixed signals creating uncertainty: There's a growing divergence between "soft data" (surveys of sentiment) and "hard data" (government statistics). Surveys show increasing pessimism about the economy due to President Donald Trump's trade policies, while actual economic measurements like employment and manufacturing remain solid.
  • Housing shows modest recovery: Existing home sales unexpectedly increased 4.2% in February to 4.26 million units annualized, exceeding forecasts, with rebounding activity in the South and West following January's weather disruptions. New housing starts also rose 11.2% to an annualized rate of 1.5 million, suggesting resilience despite high mortgage rates.
  • Consumer spending softening: Retail sales rose only 0.2% in February (below the 0.6% estimate), with the prior month revised down to mark the biggest drop since July 2021. Samuel Tombs of Pantheon Macroeconomics noted:

The risk of much weaker growth, as consumers seek to rebuild a savings buffer in response to concerns about job security, now looks elevated.
  • Labor market remains stable: Initial jobless claims stayed low at 223,000 in mid-March, showing little change and indicating a resilient job market. Powell described it as "in balance" – a low firing and low hiring situation.
  • Inflation expectations diverge across surveys: The University of Michigan's measure of 5-10-year inflation expectations jumped to 3.9% in March (the highest in three decades), while the NY Fed's comparable measure remained stable at 3.0% through February. Some officials have dismissed the Michigan reading as an "outlier."
  •  Key upcoming data: The week ahead brings February's PCE inflation (the Fed's preferred measure), which is expected to show core inflation to have risen by 0.3% in February, marking a second consecutive month of increase. This suggests persistent inflationary pressures, with the core gauge accelerating to a 2.7% annual pace.
Federal Reserve Policy
  • Fed holds steady amid uncertain outlook: The Federal Reserve kept interest rates in the 4.25%-4.50% range at its March meeting while signaling continued plans for two rate cuts in 2025. Officials are caught between mounting concerns of slowing growth and persistent inflation risks, particularly from tariffs. Did someone say ‘stagflation’?
  • Growth forecasts lowered, inflation projections raised: The Fed significantly lowered its 2025 growth projection to 1.7% (down from 2.1%) while raising core inflation expectations to 2.8% (up from 2.5%), reflecting a more challenging economic environment.
  • Powell sees "transitory" tariff impact: Fed Chair Jerome Powell revived the controversial term "transitory" to describe his base case for tariff-driven inflation. "As I've mentioned, it can be the case that it's appropriate sometimes to look through inflation if it's going to go away quickly without action by us, if it's transitory," Powell said. However, he added officials "really can't know" if the effects will be temporary.
  • Balance sheet runoff slowed: Starting in April, the Fed will reduce the monthly cap on Treasury securities allowed to mature without reinvestment to $5 billion (from $25 billion), with Governor Christopher Waller dissenting on this change. This move was described as a "technical adjustment" rather than a policy shift.
  • Increased caution signals: The Fed removed language stating risks to employment and inflation goals were "roughly in balance" and acknowledged "uncertainty around the economic outlook has increased," suggesting a more cautious stance.
Trump Administration and Trade Policy
  • Trump calls for rate cuts amid tariff push: President Trump publicly called for the Fed to cut rates as his tariff policies take effect, saying on Truth Social:
The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy.
  • "Liberation Day" approaches: The Trump administration is preparing to unveil a fresh wave of "reciprocal" tariffs on April 2, which Trump has dubbed "Liberation Day in America." This announcement is creating significant uncertainty for businesses and investors.
  • Business responses to tariff uncertainty: Companies are struggling with planning amid rapidly changing trade policies. Alicia Barker, President of Organizers Direct Industries, noted:
Our industry is already experiencing rising material costs, and these tariffs will only compound the challenge… lack of clarity makes it challenging to determine the right strategic path forward.
  • Inflation risk from tariffs: Chicago Fed President Austan Goolsbee stated tariff impacts could be transitory only "if they were limited in scope," noting that larger tariffs and retaliations could force monetary policy responses:
The bigger they are and the more like supply shocks they are, the harder it is to say that we should look through them.
Market Reactions and Treasury Yields

  • Treasury yields end week lower: The 10-year Treasury yield finished the week down 7 bps to 4.25%, while the two-year yield also dropped 7 bps to 3.95% as investors sought safety amid uncertainty about Trump's tariff policies.
  • Markets price in rate cut timing: Traders are anticipating around 65 basis points of Fed rate cuts by year-end, with the next move expected in July. This reflects tempered expectations from earlier in the year when markets had priced in close to three cuts.
  • Bonds rally on growth concerns: Bond investors have focused on the Fed's lowered growth forecasts, validating concerns that Trump's trade war and spending cuts will cool the economy. Kevin Flanagan, Head of Fixed Income Strategy at Wisdom Tree, noted:
This seemed to be more tilted or skewed toward growth uncertainty rather than longer-term inflation uncertainty.

  • Stock volatility continues: The S&P 500 experienced a 10% correction from mid-February, erasing $4 trillion in market value before recovering slightly. Stephanie Roth, Chief Economist at Wolfe Research, notes tariffs have been implemented more aggressively than anticipated:
What we and the market got wrong this year was the sequencing and pain threshold for Trump.

  • Market technicals reflect caution: Trend-following systematic funds have turned net short on US equities, signaling a bearish technical outlook. Retail investors continue aggressive buying – a potentially concerning sign as they historically tend to exit markets last, suggesting equities may still have further downside potential.
You can download CREFC’s one-page MarketMetrics with statistics covering the economy and the CRE debt capital markets here and our 4Q 2024 Compendium of Statistics here.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Capital Markets Update Week of 3/25
March 25, 2025
Four transactions totaling $3.9 billion priced last week.
More info...

News

FinCEN Limits Corporate Transparency Act Scope

March 25, 2025

Treasury’s Financial Crimes Enforcement Network (FinCEN) published an interim final rule exempting U.S. companies and U.S. persons from the beneficial ownership information (BOI) reporting requirements of the Corporate Transparency Act (CTA). Secretary Scott Bessent had previewed the change earlier this month. 

Why it matters: As we previously covered, the CTA has faced regulatory delays and numerous court challenges, particularly from small businesses.

What they're saying: In a press release announcing the rule change, Treasury described the changes as follows:

  • Revises the definition of a “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and have registered to do business in any U.S. state or Tribal jurisdiction by filing a document with a secretary of state or similar office (formerly known as “foreign reporting companies”).
  • Exempts entities previously defined as “domestic reporting companies” from the BOI reporting requirements.
  • Clarifies that foreign entities will not be required to report any U.S. persons as beneficial owners.
  • Also, U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner.

Contact David McCarthy (dmccarthy@crefc.org) with any questions.

Contact  

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
FinCEN Limits Corporate Transparency Act Scope
March 25, 2025
Treasury’s Financial Crimes Enforcement Network (FinCEN) published an interim final rule exempting U.S. companies and U.S. persons from the beneficial ownership information (BOI) reporting requirements of the Corporate Transparency Act (CTA). Secreta
More info...

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YOUNG PROFESSIONALS

Young Professionals


The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.

YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.

Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.

There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate.

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CREFC Government Relations: Shaping Our Industry

CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry.

By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments.

View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions.

The First 100 Days

CREFC's Government Relations Team is closely monitoring key legislative and regulatory developments shaping the commercial real estate finance industry. Explore our First 100 Days: Legislative Update and First 100 Days: Regulatory Update for insights into the evolving policy landscape.

  • First 100 Days: Legislative Update (1/28/25)
  • First 100 Days: Regulatory Update (1/28/25)


    • Election 2024 Outcome Analysis: Implications for CRE and Multifamily Finance

    The 2024 election results are in, and CREFC has prepared an in-depth Election 2024 Outcome Analysis to explore how the outcomes will shape policy in 2025 and beyond. This comprehensive analysis examines key issues in the commercial and multifamily real estate finance industry, providing insights into the potential legislative and regulatory landscape.

    While members of CREFC's Government Relations team do not forecast election results, our goal remains to dig deeper into the factors that influence critical areas of legislation and regulation.

    Outcome Analysis:
  • CREFC Election 2024 Outcome Analysis (11/18/24)

    • Scenario Analyses:
  • CREFC Election 2024 Scenario Analysis (10/28/24)
  • CREFC Election 2024 Scenario Analysis (10/22/24)
  • CREFC Election 2024 Scenario Analysis (10/8/24)


    • Recent Policy Developments (as of Q3 2024)
    Basel Endgame Advocacy
    The federal banking regulators plan to repropose the Basel Endgame Capital rules with significant changes. CREFC had submitted comments and coordinated a real estate industry letter on proposed rules and is waiting for the re-proposal to see the extent to which our comments were taken into consideration. CREFC plans to continue advocacy as needed following the release of the re-proposal.

    Tax Policy Working Group
    Convened a group of member experts on tax to analyze and triage key tax priorities ahead of 2025. With the expiration of key provisions in the 2017 Tax Cuts and Jobs Act, Congress is expected to take up a tax bill next year. CREFC will engage with lawmakers and staff on key tax issues through the end in preparation the tax push early next year. 

    15c2-11 No Action Letter Expiration
    CREFC is engaging with CMBS broker dealers on the upcoming application of 15c2-11 public data requirements for conduit CMBS. While CREFC and other trades successfully exempted 144A bonds from the public disclosure requirements, the public CMBS requirements are scheduled to come online in January 2025. CREFC will follow up with the SEC and/or on Capitol Hill as necessary. 

    Conflicts of Interest Rule
    Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. CREFC partnered with other organization on an implementation toolkit.

     

     

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    Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing

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    The CREFC Resource Center houses data and research on all facets of CRE and multifamily finance. This members-only portal not only contains CREFC developed content, but also the highly valued and well sought after reports and thought leadership pieces published by our members.

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    Monthly thought leadership articles are published to inform, educate and stimulate meaningful discussions and exchanges on the issue and trends of the entire commercial real estate finance industry. 

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    Debt Aggregate

    NCREIF/CREFC Open-End Debt Fund Aggregate

    CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product.

    For questions or to get involved, contact Lisa Pendergast

    NCREIF/CREFC Open-end Debt Fund Aggregate Third Quarter 2024 Public Snapshot Report

     
    CREIF/CREFC Open-end Debt Fund Aggregate Third Quarter 2024 Membership Report

     

    Overview of Debt Fund Index
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    Looking for networking, learning opportunities, and professional development? Join women professionals in the CRE industry in networking and educational events throughout the year.  Our mission is to enhance the visibility, profile, and advancement opportunities of women in the commercial real estate finance industry, provide a structured platform within CREFC dedicated to women's initiatives and provide opportunities for networking, mentoring, and development of professional women. With members all across the country, we are the largest network of professional women in the industry. 
     

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