The Farmland for Farmers Act (S. 2583), introduced on July 27, 2023 by Senator Cory Booker and endorsed by NFFC, will address the most pressing concerns regarding the corporate capture of US farmland.
The majority of young farmers name accessing affordable farmland as their number one challenge, at the same time that 40% of all US farmland is expected to change hands within the next few decades. High land prices provide an advantage to corporate buyers who view farmland as a way to profit off of land rents, frequently at the expense of local farmers and landowners in crisis. With the legal and financial resources to recruit billions of dollars in capital from investors, corporate buyers have an unfair advantage to outbid independent family-scale farmers – and prospective new farmers, in particular. As a result, the number of corporate-owned agricultural properties has tripled since 2009.
The Farmland for Farmers Act addresses the alarming rise in corporate farmland grabs by restricting future farmland ownership and leasing by corporate investors.Farmland for Farmers Act_Final