The United States real estate market is bifurcating along regulatory fault lines. On one side stand high-friction coastal states and progressive municipalities expanding tenant protection frameworks, capping turnover resets, and introducing stringent eviction controls. On the other side stand Sunbelt preemption strongholds providing statutory shields against municipal price controls. Navigating this fragmented landscape requires a granular, state-by-state statutory audit. Jurisdictional selection is now the single largest macro determinant of equity return stability and risk-adjusted cap rates.