Several New Bills Signed In FL Legislative Session
The Florida Legislature ended its most recent session on May 5, 2023. During that time, quite a few bills concerning the real estate market in Florida were debated and signed into law. Given the constant ebb and flow of Florida’s real estate market, particularly as the seasons change, it is extremely important for potential buyers and sellers to be aware of what has recently come to pass. Lack of awareness could cost you time and money.
SB 102 – The “Live Local” Act
Perhaps the most landmark bill signed into law during this legislative session is the so-called “Live Local Act (LLA),” which ostensibly provides incentives to developers to build $700 million worth of “affordable and workforce housing,” but also seeks to preempt many local regulations, particularly related to rent control and accountability for landlords. It is important to keep in mind that while many of the LLA’s measures sunset in 2033, the ban on rent control is intended to be permanent.
SB 264: Ban on certain foreign nationals owning real estate
A highly controversial bill aimed at barring nationals of certain specific countries from owning property in Florida has been signed into law. Foreign investors from China, Cuba, Iran, North Korea, Venezuela, Russia, and Syria are now barred from owning any property within 20 miles of a military installation, airport, or seaport. Chinese people who are not permanent U.S. residents or citizens may not own property at all, under any circumstances. A later amendment now allows visa holders to own one home, if it is properly registered with a state agency.
Critics of this law have not pulled punches, calling the registration requirement ‘discriminatory’ and ‘[something out of] Nazi Germany.” While lawsuits seeking to upend this law are almost certainly coming, for the moment it is important to be aware of the ramifications of this law since it could easily torpedo a potential property sale.
SB 1114: Strengthening oversight of homeowners’ associations
While certain provisions were removed, lawmakers approved a bill known as the Homeowners Association Bill of Rights, which is awaiting the governor’s signature as of this writing. The bill creates misdemeanor penalties for “aiding fraudulent election voting,” including bribing people to secure votes or falsifying ballots. In addition, it establishes monetary penalties for HOA officers, directors, or managers if they are caught soliciting or accepting kickbacks – though the original law called for civil penalties.
Contact A Tampa Real Estate Attorney
If you have questions or concerns about moving forward with a real estate matter in the wake of any of these laws, a Tampa real estate attorney from the Seward Law Office may be able to assist you in getting them managed. Call our office today at 813-252-6789 to schedule a consultation.