NC Bill Seeks to Curtail Bulk Buying of Single-Family Homes by Corporate Landlords
Goal is to reduce the influence of bulk home purchases by institutional investors, a trend increasingly blamed for driving up housing costs and limiting inventory for first-time buyers.
Holly Springs, NC, Apr. 18, 2025 — In response to growing concerns over housing affordability and accessibility, Representative Aisha Dew of Mecklenburg County has introduced a new bill aimed at limiting the ability of corporate entities to purchase large numbers of single-family homes. House Bill 1010 (HB 1010), introduced on April 15, 2025, aims to address practices that lawmakers argue contribute to inflated home prices and limited ownership opportunities for North Carolina residents.
Targeting Institutional Influence in the Housing Market
HB 1010, titled the "Home Ownership Market Manipulation" Act, would prohibit any person or affiliated business entity from purchasing a single-family home in counties with populations exceeding 150,000—such as Wake, Mecklenburg, and Durham—if they already own 100 or more single-family homes used as rental properties in that same county. The goal is to reduce the influence of bulk home purchases by institutional investors, a trend increasingly blamed for driving up housing costs and limiting inventory for first-time buyers.
The bill defines "single-family home" broadly, encompassing detached and semi-detached houses, as well as townhomes or row houses that are no more than three stories high and have separate entrances. Condominiums, which typically lack independent egress and shared structures, appear to fall outside the scope of the bill’s restrictions.
Building on Earlier Legislative Efforts
HB 1010 builds upon House Bill 114, a similar proposal introduced in 2023. That earlier bill did not advance beyond committee review. Both bills propose adding Article 9, “Housing Market Manipulation,” to Chapter 75 of the General Statutes, citing concerns that the mass acquisition of homes by business entities can result in artificial price inflation and undermine homeownership as a path to wealth-building for families.
Unlike its predecessor, HB 1010 arrives amid increased awareness of housing equity issues, bolstered by recent legal actions and settlements involving rent-setting algorithms and unfair listing contracts.
Broader Policy Context
The reintroduction of this bill follows mounting public and legal scrutiny of the roles of institutional investors in residential real estate. Over the past several years, large firms have acquired tens of thousands of homes in North Carolina, converting them into rental properties. Critics argue that this limits supply and drives up prices, particularly in high-growth metro areas.
Compounding concerns, in 2024, the U.S. Department of Justice and several states, including North Carolina, sued RealPage, a property management software company, for allegedly enabling illegal rent collusion through algorithmic pricing tools. Earlier this year, the North Carolina Department of Justice settled with Cortland Management, a landlord named in the lawsuit, barring it from using such AI pricing tools in North Carolina.
These cases have intensified calls for state-level reforms, with HB 1010 emerging as one of the clearest legislative responses yet.
Similar Efforts Underway in Other States
North Carolina is not alone in its efforts to pursue legislative action to address corporate influence in the housing market. Lawmakers in states such as Washington, Georgia, Nebraska, Minnesota, and California have proposed similar bills aimed at restricting large-scale purchases of single-family homes by institutional investors. These proposals reflect a growing nationwide concern that bulk ownership by corporate landlords may be contributing to housing shortages and higher costs for prospective homeowners.
What’s Next for HB 1010
As of April 16, HB 1010 passed its first reading and has been referred to the House Committee on Rules, Calendar, and Operations for further consideration. Its future will depend on whether legislators are willing to take meaningful steps to regulate institutional behavior in the state’s housing market.
If enacted, the bill would mark a significant step toward protecting access to homeownership and rebalancing the market in favor of individual buyers.
Contact Your Representatives
Residents of Holly Springs, Apex, and Fuquay-Varina can share their thoughts on HB 1010 by contacting their local legislators:
House District 37 – Rep. Erin Paré
✉️ erin.pare@ncleg.gov
House District 36 – Rep. Julie von Haefen
✉️ julie.vonhaefen@ncleg.gov
Senate District 17 – Sen. Sydney Batch
✉️ sydney.batch@ncleg.gov
Bill Sponsor – Rep. Aisha Dew (Mecklenburg County)
✉️ aisha.dew@ncleg.gov
To follow the bill’s progress, visit www.ncleg.gov.