Bill > S199

This bill aims to address housing market manipulation by restricting large-scale home purchases by business entities in North Carolina counties with populations over 150,000. Specifically, the bill prohibits a person or their affiliates from purchasing more than 100 single-family homes in qualifying counties for rental purposes. The legislation defines key terms such as "single-family home," "person," and "affiliate," and provides a framework for enforcement through the Attorney General's office and potential civil actions by aggrieved individuals or county commissioners. Violations can result in civil penalties of up to $100 per day per home, with potential additional damages up to $50,000 or three times the total damages and fees. The bill's purpose is to balance the interests of business entities acquiring rental properties with the broader economic benefits of individual home ownership, recognizing that home ownership is a critical means of building personal wealth and economic stability. The law will apply to real estate purchases from the date it becomes effective, and it does not completely prohibit businesses from owning rental properties, but rather sets a meaningful limit to prevent excessive market consolidation.

https://www.ncleg.gov/BillLookUp/2025/S199