CHARLOTTE, N.C. — The City of Charlotte is proposing a $4.2 billion budget for fiscal year 2025 to cover day-to-day operations, city departments, and capital investments in transit, roads, and housing.
The proposed budget comes with a one-and-a-half-cent increase in property taxes.
Following the public hearing Monday night, the city will make any adjustments as the proposal heads towards a final vote next month.
Much of the discussion over the budget was about affordable housing.
Community members shared the struggles that come with keeping a roof over their heads, dealing with higher rents, and the higher costs of buying a home.
Because of that, there was support for the city’s proposal to double the affordable housing investment from $50 million to $100 million.
This would be the largest investment in the city’s Housing Trust Fund since it was established over 20 years ago.
The program’s goal is to preserve and create affordable housing options in Charlotte and provide financing to developers for affordable housing units.
“We want affordable housing options so that everyone who makes Charlotte, Charlotte, can afford to live, survive and thrive here,” Michelle Fenzel, with OneMeck, said.
One concern brought up at the hearing and what some say is making this affordable housing crisis worse is the saturation of corporate landlords in the rental housing market. The term "corporate landlord" typically refers to a corporation, or a group of investors, that own a large number of single-family homes that generate rental income.
“Corporate greed and the takeover of housing by corporate landlord due to weak rent protections for renters and I would like to acknowledge this is not a new issue but getting worse,” Jessica Moreno, with Action NC, said.
It’s not a new issue and Charlotte is not unique to this concern.
Last December, the Lee Institute released a report about the effect of corporate landlords in Charlotte. The Lee Institute led the research project and community engagement and partnered with UNC Charlotte Urban Institute for research analysis.
They surveyed Mecklenburg County residents and found that 75% of participants believed corporate landlords negatively impacted its communities. Renters were focused on rising rent, lack of response by property managers, poor maintenance, deceptive practices, and multiple fees assessed.
Additionally, 79% of renters see corporate landlords as a threat to housing affordability and economic mobility. Participants felt companies made it harder for those who want to buy a home to compete.
“When we look at these large institutions, they have very deep pockets, they have lots of legal counsel and those are usually a threat to these first-time homebuyers,” Gina Esquivel, a Director at the Lee Institute, said.
The report notes that community members want to see more oversight.
“We asked and the community told us they wanted to see more intervention," Esquivel said. "They want to see more protections, they like to see rent control."
They also want to see more paths towards homeownership.
“We also ask that you consider in the future for investment to corporate or collaborate housing, which would be a perfect solution for communities like Jamie’s so they can get together and buy their community," Moreno said.
“$25 million of the bond measure should go towards homeownership where generational wealth can begin and economic opportunity for the community will increase,” Charlotte resident Ann Wood said.
“People are consistently being priced out of our beautiful city, so while I’m in favor of things like housing first opportunity, I’m also in favor of the $25 million supporting pathways to homeownership,” Holy Trinity Lutheran Church Pastor Emilie Hartner said.
The final budget will be considered for adoption on June 10 and the 2025 fiscal year begins on July 1.
Contact Jesse Pierre at jpierrepet@wcnc.com or follow her on Facebook, X and Instagram.