Bill > S432

This bill addresses housing market manipulation in North Carolina by establishing restrictions on business entities purchasing single-family homes for rental purposes in counties with populations over 150,000. The legislation defines key terms like "person" (including business entities), "affiliate" (related business entities), and "single-family home" to clarify its scope. The bill prohibits a person, including their affiliates, from purchasing more than 100 single-family homes in qualifying counties for rental purposes, aiming to prevent large-scale corporate property acquisition that could reduce home ownership opportunities and artificially inflate housing prices. The Attorney General is empowered to enforce these regulations, with potential civil penalties of $100 per day for violations and the ability to impose significant financial penalties up to $50,000 or three times the damages. Aggrieved individuals, including county commissioners, can also bring legal actions against violators. The bill's underlying purpose is to protect individual home ownership opportunities by limiting corporate residential property acquisition, recognizing home ownership as a critical mechanism for wealth building. The legislation becomes effective immediately and applies to real estate purchases from its enactment date, providing a clear framework to balance business investment interests with broader community housing needs.

https://www.ncleg.gov/BillLookUp/2025/S432