CHARLOTTE, N.C. (QUEEN CITY NEWS) — North Carolina lawmakers are considering banning corporate landlords from owning more than 100 single-family homes.
Most of the homes in a North Charlotte neighborhood Queen City News visited are owned by AMH. The Nevada corporation owns more than 1,400 other homes throughout the rest of Mecklenburg County. But that could all change if House Bill 114 passes.
After seeing many Charlotte residents getting priced out of the housing market because of corporate ownership, Rep. Kelly Alexander of Mecklenburg County introduced the bill.
“If somebody comes in and says, ‘OK, I’ll offer you 50,000 more,’ most individuals are priced out,” Alexander said. “It gets worse when you have that kind of capital, not just buying a neighborhood, a block, an apartment building.”.
The bill currently has only Democratic support, but Alexander said he talked to Republican House Speaker Tim Moore about the problem, and he agreed that action is needed.
“We differ right now as to what the ultimate solution for the problem is,” Moore said.
Christie Brown has lived in her North Charlotte neighborhood for 13 years. A few years ago, AMH started buying many of her neighbor’s homes. Brown said the shift from homeowners to renters has impacted the community negatively in specific ways.
“They bought everything so quickly,” Brown said. “I think they were just trying to fill those houses rather fast. It’s been fluctuating through the years, so right now, it’s great. The renters are treating it as their homes. But when they don’t, it becomes a junkyard.”
As of 2022, roughly 24 corporations own around 40,000 single-family homes in North Carolina. Charlotte real estate agent Josh Stone said if House Bill 114 passes, it would be highly beneficial for first-time home buyers.
“I do think it would make housing more stable and affordable, particularly for single-family homes and first-time home buyers,” Stone said.
QCN contacted AMH for a comment on the legislation but did not hear back. House Bill 114 is now in the House Rules Committee review process.