No county or city as defined by N.C. Gen. Stat. § 160A-1 may enact, maintain, or enforce any ordinance or resolution which regulates the amount of rent to be charged for privately owned, single-family or multiple unit residential or commercial rental property.? This section shall not be construed as prohibiting any county or city, or any authority created by a county or city for that purpose, from:

(1)        Regulating in any way property belonging to that city, county, or authority;

(2)        Entering into agreements with private persons which regulate the amount of rent charged for subsidized rental properties; or

(3)        Enacting ordinances or resolutions restricting rent for properties assisted with Community Development Block Grant Funds. (1987, c. 458, s. 1.)