Mecklenburg County plans to crack down on corporate investors buying and selling homes in Charlotte

CHARLOTTE (QUEEN CITY NEWS) — Mecklenburg County officials are hoping to tackle the growing problem of business investment in single-family homes.

Corporate investors currently own about 25,000 homes in Charlotte and 40,000 across North Carolina. Mecklenburg County Executive Dena Diorio recommended allocating $500,000 to research the issue. As for what happens after the search, it is not clear.

Jordan Keester of Fagan Realty Group says he has witnessed this issue first hand.

“Where it comes in and gets interesting is that they’re buying a distressed property, or a property that may not be distressed, it’s just not perfectly up to date, and they’ll throw paint on it , do a little here and there, and then they raise the price by $100,000,” Keesee said.

The half-million dollars Diorio wants to allocate to solving this problem may seem like a drop in the bucket of the county’s $2.1 billion budget, but Commissioner Mark Jerrell thinks it’s a start. much needed.

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“I think $500,000 really reflects the seriousness of the problem, and a real seriousness on our part, to make sure we find solutions, but I’ll tell you this, it’s not just a Mecklenburg County thing. . This is going to have to be addressed at all levels of government,” Jerrell said.

The Biden administration seems to feel the same as Jerrell. They recently announced a plan to ease the burden of housing costs. Part of this plan requires the federal government to offer its distressed properties to people who want to live there, not to for-profit investors.

As for potential solutions in our community, Keesee has some ideas.

“I think the solution, if any, will be multifaceted and complicated initially. But I think for starters, continuing to double the density of homes is something that’s going to be crucial for the city of Charlotte, obviously the sprawl of the Mecklenburg is quite a distance, but when it comes to the city of Charlotte, the city is going to have to be able to build upwards rather than outwards so that people can afford to live in the city,” Keesee said. .