North Carolina 2025-2026 Regular Session

North Carolina House Bill H1010 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		GENERAL ASSEMBLY OF NORTH CAROLINA
2	2		SESSION 2025
3		-	H 1
4		-	HOUSE BILL 1010
	3	+	H D
	4	+	HOUSE BILL DRH30385-MC-138
	5	+
5	6
6	7
7	8		Short Title: Home Ownership Market Manipulation. (Public)
8	9		Sponsors: Representative Dew.
9		-	For a complete list of sponsors, refer to the North Carolina General Assembly web site.
10		-	Referred to: Rules, Calendar, and Operations of the House
11		-	April 16, 2025
12		-	H1010 -v-1
	10	+	Referred to:
	11	+
	12	+	DRH30385 -MC-138
13	13		A BILL TO BE ENTITLED 1
14	14		AN ACT TO PROHIBIT HOUSING MARKET MANIPULATION AND TO PROTECT 2
15	15		AGAINST ARTIFICIAL INFLATION BY EXCESSIVE HOME BUYING BY ENTITIES 3
16	16		PURCHASING HOMES FOR USE AS RENTAL PROPERTIES. 4
17	17		The General Assembly of North Carolina enacts: 5
18	18		SECTION 1. Chapter 75 of the General Statutes is amended by adding a new Article 6
19	19		to read: 7
20	20		"Article 9. 8
21	21		"Housing Market Manipulation. 9
22	22		"§ 75-150. Purpose. 10
23	23		(a) The General Assembly finds that North Carolina has experienced urban growth at 11
24	24		levels significantly higher than many states. The General Assembly does not wish to inhibit the 12
25	25		ownership of property but recognizes that it is becoming increasingly common for business 13
26	26		entities to purchase substantial numbers of single-family homes for use as rental properties, both 14
27	27		lowering the supply of, and increasing the costs of, such homes. The General Assembly further 15
28	28		finds that home ownership is recognized as one of the most reliable ways to build wealth, 16
29	29		permitting owners to build equity, which can serve as reserves in times of need, and in terms of 17
30	30		passive income and increases in market value of owned property. 18
31	31		(b) The General Assembly seeks, by this narrowly tailored Article, to balance the 19
32	32		interests of building wealth through the use of business entities acquiring properties for rental 20
33	33		purposes against the State, local, and individual economic benefits that result from having a 21
34	34		citizenry broadly engaged in and accruing the advantages attendant to home ownership. 22
35	35		"§ 75-151. Definitions. 23
36	36		The following definitions apply in this Article: 24
37	37		(1) Affiliate. – A person, other than an individual, that wholly or substantially 25
38	38		owns, is wholly or substantially owned by, or is under common ownership 26
39	39		with another person. 27
40	40		(2) Individual. – A human being. 28
41	41		(3) Person. – A fiduciary, a firm, an association, a partnership, a limited liability 29
42	42		company, a corporation, or other business entity or group acting as a unit. The 30
43	43		term includes an officer or employee of a corporation, a member, a manager, 31
44	44		or an employee of a limited liability company, and a member or employee of 32
45	45		a partnership who, as officer, employee, member, or manager, acts on behalf 33
46	46		of the business entity with whom they are associated or an affiliate of that 34
47		-	business entity. The term does not include governmental entities. 35 General Assembly Of North Carolina Session 2025
48		-	Page 2 House Bill 1010-First Edition
	47	+	business entity. The term does not include governmental entities. 35
	48	+	H.B. 1010
	49	+	Apr 15, 2025
	50	+	HOUSE PRINCIPAL CLERK General Assembly Of North Carolina Session 2025
	51	+	Page 2 DRH30385-MC-138
49	52		(4) Qualifying county. – A county with a population greater than 150,000 as of 1
50	53		the most recent decennial census. 2
51	54		(5) Single-family home. – A residential structure that is either a fully detached or 3
52	55		semi-detached building or that is a row or town home that (i) is separated from 4
53	56		the adjacent unit by a ground-to-roof wall, (ii) does not share heating or 5
54	57		air-conditioning systems or utilities, and (iii) does not have units located 6
55	58		above or below. 7
56	59		"§ 75-152. Impermissible ownership quotas. 8
57	60		It is unlawful for a person, including affiliates of the person, to purchase a single-family home 9
58	61		in a qualifying county for a purpose other than use by the person as a residence if the person, 10
59	62		including affiliates of the person, owns 100 or more single-family homes in qualifying counties 11
60	63		that are used primarily for rental purposes. 12
61	64		"§ 75-153. Enforcement; remedies; damages. 13
62	65		(a) The Attorney General shall have the same authority under this Article to make rules, 14
63	66		conduct civil investigations, bring civil actions, and enter into assurances of discontinuance as 15
64	67		provided under this Chapter. In an action brought by the Attorney General pursuant to this 16
65	68		section, the court may award or impose any relief available under this Chapter. 17
66	69		(b) A person aggrieved by a violation of this Article or by a violation of rules adopted 18
67	70		under this Article or the board of county commissioners of the county in which such person lives 19
68	71		may bring an action in superior court against a person who acquires a single-family home in 20
69	72		violation of this Article. A court may impose civil penalties on a person found to violate this 21
70	73		Article of up to one hundred dollars ($100.00) per day for each single-family home acquired in 22
71	74		violation of this Article and may award to a plaintiff who prevails in an action brought pursuant 23
72	75		to this subsection one or more of the following remedies: 24
73	76		(1) Equitable relief. 25
74	77		(2) Damages. 26
75	78		(3) Costs and fees, including reasonable attorneys' fees. 27
76	79		(4) Exemplary damages in an amount equal to fifty thousand dollars ($50,000) or 28
77	80		three times the total of damages, costs, and fees, whichever is greater. 29
78	81		(c) A court may award to a defendant who prevails in an action brought pursuant to this 30
79	82		section costs and fees, including reasonable attorneys' fees, if the court finds the action was not 31
80	83		well-grounded in fact and warranted by existing law or was interposed for any improper purpose, 32
81	84		such as to harass or to cause unnecessary delay or needless increase in the cost of litigation. 33
82	85		(d) Joinder of Interested Parties. – In an action arising under subsection (a) or (b) of this 34
83	86		section, the court shall grant a motion by the Attorney General or a board of county 35
84	87		commissioners or a person aggrieved under this Article for joinder of any affiliate of a defendant 36
85	88		named in the litigation for purposes of (i) ensuring a proper accounting regarding the total number 37
86	89		of single-family homes owned by the named defendant and any affiliates and (ii) permitting 38
87	90		proper enforcement, remedies, and damages. 39
88	91		(e) If a party is unable to pay an amount awarded by the court pursuant to subsection (a) 40
89	92		or (b) of this section, the court may find any interested party joined pursuant to subsection (d) of 41
90	93		this section jointly and severally liable for violations of this Article and make the award 42
91	94		recoverable against any or all of the joined interested parties. 43
92	95		(f) This Article shall not be construed to limit rights and remedies available to the State 44
93	96		of North Carolina or to any person under any other law and shall not alter or restrict the Attorney 45
94	97		General's authority under this Article with regard to conduct involving assertions of violations of 46
95	98		this Article." 47
96	99		SECTION 2. This act is effective when it becomes law and applies to purchases of 48
97	100		real estate on or after that date. 49