Sen. Everitt files bill in North Carolina Senate to limit housing market manipulation

A new bill filed by State Sen. Terence Everitt seeks to curb housing market manipulation by limiting bulk purchases of single-family homes for rental purposes in large counties, according to the North Carolina State Senate.

The bill, filed as SB 432 on March 24 during the 2025 regular session, was formally listed with the short title: ‘Home Ownership Market Manipulation.’

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, the bill aims to address housing market manipulation in North Carolina by limiting the excessive acquisition of single-family homes for rental purposes by business entities. It prohibits individuals or entities that own 100 or more such homes in counties with populations over 150,000 from buying additional homes in those areas unless intended for personal residence. The bill grants the Attorney General enforcement authority and allows individuals or county boards to file lawsuits against violators, imposing penalties of up to $100 per day per violation. Courts may award remedies like damages, costs, attorneys’ fees, and exemplary damages, and may hold affiliates jointly liable if a party cannot pay. The bill becomes effective immediately upon becoming law and applies to real estate purchases made thereafter.

A related bill, SB 199, was also filed in the North Carolina Senate, introduced by Sen. Timothy D. Moffitt on Feb. 27, 2025.

Of the three sponsors of this bill, Lisa Grafstein proposed the most bills (45) during the 2025 regular session.

Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.

You can read more about the bills and other measures here.

Everitt graduated from Rutgers University in 1997 with a BA and again in 2001 from Columbus School of Law with a JD.

Everitt, a Democrat, was elected to the North Carolina State Senate in 2025 to represent the state’s 18th Senate district, replacing previous state senator Mary Wills Bode.