Views on North Carolina Real Estate Regulations

Support Mortgage Interest Deductions (MID): I understand the need for tax reform that recently passed in the long session. However, mortgage interest deductions help encourage home ownership from primary occupants and investors alike. I am not supportive of this specific part of the legislation because limits on mortgage interest deductions undermine an important incentive to the American Dream of homeownership.

Tenant/Landlord Reform: Landlords that are in documented arrears on ad valorem taxes and/or mortgage payments should not be allowed to hold the tenant’s security deposit when these monies are already held in trust by their contracted property manager. The contracted property manager should be allowed to hold the security deposit monies in trust for the lease term to ensure the tenant’s deposit is in safe keeping for the protection of all parties.

Professional Service Tax on Real Estate Commissions: Real estate professionals should not be subject to an additional professional services tax. Real estate commissions are already subject to State and Federal income taxes. These kinds of taxes are usually passed along to the consumer and this would be an additional tax increase that we should not place on citizens who are trying to realize the American Dream of owning a home.

Aesthetics Bill: Builders should not be restricted by a municipal government’s aesthetic preferences. This would limit natural market forces and could result in unnecessary empty lots in communities where a builder would otherwise build new homes. Municipalities should not be allowed to create more stringent than State regulations that further restrict zoning and architectural control which can ultimately negatively impact development.

Regulatory Reform

Post Construction Control Ordinances: I believe that while storm water control in important to a community, we must utilize any and all means to assist in the development and redevelopment of our Cities and Towns. Any ordinance that places an unnecessary burden and regulatory cost on developers must be limited to the necessary minimum.

Pre-emption: Municipalities should not have the ability to place additional regulatory burdens on developers than is already placed by the State. State rules should be the limits of regulatory burden placed on developers in order to promote and assist in affordable housing and affordable development.

Protest Petitions: Zoning laws and the approval process should be fair and equitable. Protest petition rules should be reviewed, and rewritten if necessary, to ensure this specific process is fair and equitable to all the parties involved including the land owner requesting rezoning.