State lawmakers could block the potential transformation of Capital Boulevard into a toll road under the N.C. House's proposed state budget.

Why it matters: Local officials in Raleigh and Wake County have begrudgingly turned toward tolls as a way to pay for an expansion of a 10-mile section of Capital Boulevard between Raleigh and Wake Forest, one of the region's most gridlocked roads.

State of play: That section of Capital Boulevard, also known as U.S. 1, has long been earmarked for expansion.

• But the project has been delayed several times and is likely to face further delays due to competition for funds.
• Currently, construction is slated to start in 2031, though the expectation is that timeline will be pushed back. Under the toll road option, though, construction would begin in 2027.
• That has led local leaders to turn to toll roads to speed up construction, with the Capital Area Metropolitan Planning Organization (CAMPO) voting this week to recommend turning the section into a toll road.

Driving the news: But state Rep. Mike Schietzelt, a Republican who represents part of northern Wake County, introduced an amendment into the House's budget this week that would block state funds being used to turn U.S. 1 into a toll road.

What they're saying: Schietzelt said congestion on Capital Boulevard is one of the biggest concerns among voters in his district, but he believes a toll would place too much of a burden on his constituents.

• "It is patently unjust to take a 110-year-old road and suddenly slap a toll on it," he told Axios, "when people have built businesses and homes along Capital Boulevard, they rely on Capital Boulevard, and now we're pulling the rug out from under them."

Read more about the amendment

One bright spot in this bummer housing market: More listings are shaking loose.

Why it matters: Some homeowners sitting on low mortgage rates are finally selling.

By the numbers: Inventory in 20 of the 50 largest U.S. metros topped pre-pandemic norms in April, up from 18 in March, per Realtor.com.

Yes, but: The mortgage "lock-in effect," as experts call it, isn't going away anytime soon.

• In all 50 states, over half of mortgages have rates below 4%, according to Cotality, an industry data provider.
• In North Carolina, the share hits 60%.

Between the lines: Most who took out new mortgages in recent years have rates above 6%.

• The average rate on the 30-year mortgage hasn't dipped below 6% since 2022, according to Freddie Mac.

Zoom in: States with more mortgage originations over the past three years see more loans with rates at 6% or higher, says Molly Boesel, principal economist at Cotality, formerly known as CoreLogic.

What's next: Mortgage rates aren't expected to fall much this year and home prices continue to rise.

• Many buyers — and homeowners looking to refinance — await any chance to lower their monthly payments.

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🏒 The Florida Panthers dominated the Carolina Hurricanes in Raleigh, 5-0, to take a commanding 2-0 lead in the Eastern Conference Finals.

🐊 N.C. Wildlife has launched a website aimed at promoting safer interactions between residents and the state's alligators. (WUNC)

• The state's wildlife hotline received 448 calls concerning alligators last year, mostly from New Hanover and Brunswick counties.

🏠 A coalition of homeowners in Orange County says that historically Black neighborhoods there are being overvalued by the county, leading to excessively large tax bills. (INDY Week)

🍞 La Farm Bakery will open a location on N.C. State's campus in the former Port City Java space. (Triangle Business Journal 🔒)

✅ North Carolina's GOP-controlled state House, with the help of Democrats, gave its final stamp of approval on the chamber's budget proposal, teeing up negotiations with the Senate over personal income tax rates, teacher pay raises, children's hospital funding and more.

UNC and N.C. State are exploring selling the naming rights of their football stadiums to corporate partners.

Why it matters: The move is representative of the changing financial landscape in college athletics, with programs increasingly looking for new sources of money to meet the rising costs of sharing revenue with players.

Driving the news: UNC's athletic department told the school's board of trustees this week it was partnering with Independent Sports Entertainment, the same firm N.C. State used, to find potential partners for naming rights, ABC11 reported.

• UNC indicated it would like to preserve the name Kenan in the deal — though N.C. State has not indicated whether Carter-Finley would be preserved in its stadium name.

Zoom in: Bubba Cunningham, UNC's athletic director, told Axios this month that the university has previously been too conservative in finding new sources of revenue.

• If it wants to support 28 programs, he said, the school will need to continue to increase how much money it brings in.

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