As a dedicated real estate investor in North Carolina, my focus has always been on facilitating affordable housing opportunities for our communities. Over the years, I've not only provided homes to countless families but have also supported burgeoning investor diversity by collaborating with minority entrepreneurs. However, the proposed North Carolina House Bill 797, colloquially known as the 'Residential Property Wholesaling Protection Act,' threatens to dismantle these efforts with its onerous requirements.

House Bill 797 is designed to regulate the act of assigning or marketing real estate contracts, demanding that individuals hold a broker’s license to conduct such activities. While at first glance this may appear as a simple regulation, the ramifications are severe, especially for small investors like myself who operate on slim margins. Many of us rely on the flexibility of wholesaling to create affordable housing options efficiently and sustainably.

This bill disproportionately affects minority entrepreneurs, who often lack the financial resources to obtain licensure. These individuals contribute significantly to small business innovations within the community, and this regulation risks stifling their entrepreneurial growth. House Bill 797 not only threatens to impede business operations but stands to reduce the diversity and innovation that minority leaders bring to the table, especially in the real estate sector.

Moreover, requiring a broker’s license for contract assignments misinterprets the nature of wholesaling—an innovation that has made it possible for countless investors to rehabilitate distressed properties and rejuvenate neighborhoods without the overhead typically associated with brokerage services.

It's essential to recognize that what may be viewed as protectionist from a legislative standpoint can turn into overregulation that disrupts the free market, making housing less accessible to the very individuals it purports to protect. This law risks not only the livelihood of investors but also would lead to a reduction in the availability of affordable housing, which is crucial in a time marked by housing shortages nationwide.

For the sake of all North Carolinians, particularly those of us striving to make a positive impact through real estate, the undersigned urge the North Carolina General Assembly to reconsider House Bill 797. Let's foster an environment that supports innovation, inclusivity, and the growth of small businesses. Sign this petition to voice your opposition to unnecessary regulatory constraints that do more harm than good to our community's economy and housing accessibility.