A series of laws that Florida Realtors believes to be extremely beneficial for the local real estate market were adopted at the recently terminated meeting of the state’s Legislature.
One of the most important novelties was Bill 102 stipulating comprehensive support of affordable housing. $811 million, a historical high in the state’s history, will be invested in it. Another $1.5 billion will be spent on building new inexpensive rental units over 10 years. The number of people participating in the Local Heroes program will be expanded. The maximum allowable loan amount was increased, new tax exemptions were introduced, and tax credits were stipulated to attract private investment in affordable rental homes. Local ordinances limiting the locations for building such housing were mitigated. The bill comes into force on July 1, 2023.
The approved Bill 1414 will become effective on the same date. It protects homeowners’ rights and cancels local ordinances introduced in response to high rental prices. These ordinances could have a negative impact on private property rights and local real estate markets, putting a severe burden on landlords. Local authorities will no longer be able to adopt such resolutions.
Another important piece of news is the ban the rent control across Florida. After Orange County tried to take such measures, a state-level law was adopted to prohibit any restrictions on rent hikes.