We bring you today’s special edition of the REALTOR® Advocate to provide you information about an important piece of legislation being discussed at the General Assembly.
This morning, the House State and Local Government Committee considered Senate Bill 118. While the original bill dealt with a different subject matter, the Committee substituted the bill with language to address the overreach of local governments’ actions towards of short-term rental regulation.
Across North Carolina, municipalities are responding to the new marketplace and demand for short-term rentals in the form of highly restrictive ordinances and prohibitions. Thus, limiting the ability of property owners to utilize their property in a manner that they see fit.
The proposed legislation would bring needed clarity to the treatment of all residential rental properties, regardless of their usage (i.e., short-term, long-term, or vacation).
NC REALTORS® has been working with stakeholders over the past year to understand the issues across the state, as well as work to develop a common-sense solution which fairly protects the rights of property owners while ensuring STRs are good neighbors, remit taxes and comply with local government regulations applying to all rental property.
Senate Bill 118 received a robust discussion in the committee which resulted in the bill sponsors deciding to continue stakeholder engagement and bring it back at a later date. NC REALTORS® looks forward to continuing our engagement in this process as we look towards a responsible solution.
Make sure to check out Friday’s full REALTOR® Advocate for a complete wrap-up of the week on Jones Street, as well as other important information about everything going on in Government Affairs.