INVESTING IN THE HOUSING CRISIS

The report details how the North Carolina Retirement System (NCRS) has invested $3.25 billion in Landmark Partners, a firm that backs Progress Residential, the largest single-family rental company in the U.S. It argues that this investment supports a business model that squeezes profits from tenants through high rents, excessive fees, and neglected maintenance, while simultaneously reducing homeownership opportunities for working-class and Black residents in North Carolina.

• The North Carolina Retirement System (NCRS) is a primary financier of Landmark Partners, having committed $3.25 billion since 2014. A significant portion of this, $2.6 billion, was committed after 2017 under State Treasurer Dale Folwell. NCRS is an atypical investor in size, as no other pension fund invested more than $500 million in Landmark between 2017 and 2022.
• NCRS holds unique leverage over Landmark Partners because it may be the sole investor in several specific funds, designated as "NCL" funds. Despite this, State Treasurer Dale Folwell has characterized NCRS as "just a passenger" regarding the management decisions of outside firms.
• Progress Residential, backed by Landmark and owned by Pretium Partners, is the largest single-family rental (SFR) owner in the U.S. with over 85,000 units. In North Carolina, it owns over 7,700 homes, with high concentrations in the Raleigh-Durham and Charlotte-Mecklenburg metropolitan areas, including more than 2,200 properties in Mecklenburg County alone.
• Corporate landlords in North Carolina are increasing the difficulty of homeownership by outbidding traditional buyers for affordable starter homes. This trend disproportionately affects Black communities; while white homeownership rates in North Carolina remained stable over two decades, Black homeownership rates decreased by approximately 7%.
• Progress Residential has been accused of predatory practices, including neglecting essential maintenance and imposing high fees. Tenants in North Carolina and elsewhere reported issues such as sewage backups and broken air conditioners. The company's fee structure includes a $125 late fee, a $75 "trip fee" for maintenance, and a $300 nonrefundable pet fee.
• During the COVID-19 pandemic, Progress Residential and its private equity owner filed over 6,000 evictions. A U.S. House subcommittee found the company used "abusive tactics," such as filing for eviction when tenants were only $500 to $1,000 behind on rent or while they were experiencing delays in receiving government rental assistance.

APA

Ash, J., & Bankson, M. (2022). INVESTING IN THE HOUSING CRISIS. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2022/11/PESP_Report_NC-Housing-Crisis_Nov2022-v5.pdf

Chicago

Ash, Jordan, and Madeline Bankson. INVESTING IN THE HOUSING CRISIS. Private Equity Stakeholder Project, 2022. https://pestakeholder.org/wp-content/uploads/2022/11/PESP_Report_NC-Housing-Crisis_Nov2022-v5.pdf.

Wikipedia

{{cite report |last1=Ash |first1=Jordan |last2=Bankson |first2=Madeline |title=INVESTING IN THE HOUSING CRISIS |publisher=Private Equity Stakeholder Project |date=November 2022 |url=https://pestakeholder.org/wp-content/uploads/2022/11/PESP_Report_NC-Housing-Crisis_Nov2022-v5.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ash2022investing, author = {Ash, Jordan and Bankson, Madeline}, title = {{INVESTING IN THE HOUSING CRISIS}}, institution = {Private Equity Stakeholder Project}, year = {2022}, month = nov, url = {https://pestakeholder.org/wp-content/uploads/2022/11/PESP_Report_NC-Housing-Crisis_Nov2022-v5.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }