Reps. Jeff Jackson and Alma Adams Introduce American Neighborhoods Protection Act

Charlotte’s members of Congress team up to protect family-owned housing

Washington – RealEstateRama – Reps. Jeff Jackson and Alma Adams introduced the American Neighborhoods Protection Act to protect family ownership of housing. Charlotte’s members of Congress joined forces to take on the issue driving up housing costs in Charlotte and across the country.

The issue of corporate-owned housing in Charlotte has received local and national attention. The New York Times reported that in 2021 and 2022, 50 percent of the homes that sold in the Bradfield Farms subdivision of the city were bought by large investors who paid cash while family buyers – who overwhelmingly rely on mortgages – were outbid. Roughly 20% of all homes in Charlotte are being bought by corporate investors.

This is a problem in rapidly growing cities across the country. Corporate investors are buying 21% of homes in Atlanta, 19% of homes in Memphis, and 18% of homes in Birmingham.

“We already have a housing shortage that is driving up home prices and rent. If we allow unchecked corporate purchasing of houses – especially if they are then rented out – it makes the goal of home ownership even more difficult for families,” said Rep. Jeff Jackson. “I’m honored to work alongside Rep. Adams to introduce this bill and protect home ownership for families.”

“I’m pleased to join my colleague, Congressman Jeff Jackson, in introducing this important legislation protecting access to affordable housing for families,” said Rep. Alma Adams. “Like many communities across the United States, Mecklenburg and Cabarrus counties in North Carolina are already facing an affordable housing crisis. We need more affordable homes, and that means we need more homes for sale. Instead we have a small number of large corporations seeking to exploit the housing shortage and making the problem worse. This legislation would protect the dream of home ownership for all families, but especially families with lower incomes.”

The American Neighborhoods Protection Act would require corporations that own more than 75 single-family residences to pay $10,000 per home annually into a Housing Trust Fund to provide down payment assistance grants to families purchasing homes.

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