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Foreigners of 'concern' banned from buying property in Florida

May 09, 2023

THE BIG SPLASH

Foreigners of 'concern' banned from buying property in Florida

Florida Governor Ron DeSantis has signed legislation preventing citizens from countries of concern, including China, from purchasing property in the state.

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  • The laws prohibit foreign entities and officers from China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria from buying farmland or property within 10 miles of any critical infrastructure or military installation.

  • The new regulations also bar citizens from the listed countries who are not lawful permanent US residents from owning any property in Florida.

  • The law also bans anyone connected with the Chinese government or Communist Party from purchasing property in the state.

  • Individuals who knowingly sell property that violates the law may face civil and criminal penalties, while the state is permitted to seize property acquired by foreign nationals improperly.

  • Additionally, the legislation bars private schools from being owned or controlled by adversarial nations, and state colleges and universities from soliciting or accepting gifts and grants from countries of concern.

  • The new regulations will go into effect on July 1, 2022, and Governor DeSantis views them as a “crackdown on Communist China”.

A SCOOP OF MARKET DATA

Why Homeowners are Holding onto Their Properties

Nonetheless, active listings are still down around 50% compared to April 2019. These numbers show that would-be homebuyers looking to upgrade their homes are being sidelined by the current market conditions.

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  • Redfin's chief economist, Daryl Fairweather, recently tweeted that "Homeowners are quietly quitting the housing market," as new home listings were down over 20% from a year ago in April.

  • With high mortgage rates hovering around 20-year highs, many homeowners are choosing to stay put rather than financing a new home.

  • This has resulted in fewer homes for sale, driving up prices due to tight inventory. Rates on the 30-year-fixed mortgage have more than doubled since last year, with March's average mortgage payment for new applicants climbing 1.6% month-over-month.

  • However, there are 49% more homes available for sale in April compared to last year, mainly due to homes sitting on the market longer than usual.

A SCOOP OF TIK TOK

One TikToker is giving us a tour of America's rental market

TikTok influencer Caleb Simpson is exposing the inflated cost of renting in cities across the United States in his latest video series.

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  • The 31-year-old's videos have gone viral with over 7 million followers on TikTok and a further million on Instagram.

  • Simpson approaches strangers in various cities, asking them how much they pay for their apartment and if he can take a look.

  • The aim is to provide a window into everyday life for Gen Z and millennial audiences looking to rent.

  • Rent rose 11.3% in 2021, another 2.1% in 2022, while wages have flatlined. With people struggling to afford the costs of renting, the videos offer emotional affirmation as viewers compare their own situations to others’.

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