The Angry White Republicans In The GOP Dominated Florida Legislature Want To Restrict Foreign Real Estate Purchases
The angry white Republicans of the GOP controlled Florida legislature are at it again. This time, the “Fighin’ Whities” have their sights on severely restricting real estate purchases by foreign investors. The bill focuses on Asian and Latino real estate buyers.
Florida House Bill 1355 would dramatically restrict investment in real estate from Chinese buyers. It also targets Venezuelans and Cuban investors who are mostly asylum seekers with money.
Experts say this bill could have chilling effects on the rest of the foreign buyer market. It could also cause the Florida market to crater.
In other state legislatures, a bill like this would have never made it out of committee. Not the red-neck dominated Florida legislature. Florida lawmakers are advancing the bill that would ban Chinese nationals from purchasing real estate anywhere in the state.
Chinese businesses and people who are not U.S. citizens or residents would not be able to purchase property after July 1. Existing Chinese businesses and or individuals who own real estate in Florida would be barred from buying more.
They would also have to register their existing ownership of such properties with the state. Yes, the Florida legislature is dusting off copies of Hitler decrees from Nazi Germany.
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Chinese investment in South Florida real estate has dwindled since the pandemic. However, Chinese investors still invest in commercial real estate. Chinese investment is centered around shopping centers and office buildings.
Parents in mainland China and Hong Kong also continue to buy condos for their children. Their children attend colleges and universities in South Florida.
Foreign nationals from Russia, Iran, North Korea and and Syria would be banned from buying agricultural land in the state. The bill would ban foreigners from buying land within 20 miles of a military installation or critical infrastructure.
Lawmakers across the country have sounded the alarm on foreign influence over agricultural production and national security in the US. However, a Forbes article published in March states that 18 other countries own more agricultural land nationwide than China.
Foreign nationals own about 6% of all private agricultural land in Florida.
The proposed law would not have an effect on the federal EB-5 real estate investment program.
Experts call the banning Chinese investors from buy any real estate is highly discriminatory.
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The Real Deal’s analysis shows only seven properties in Miami-Dade County are owned by people or entities with Chinese mailing addresses.
Many foreign investors will typically create a LLC in the US. Then, they use that company to buy real estate with a U.S. mailing address.
Chinese buyers only account for 6% of all foreign U.S. residential real estate purchases from April 2021 to March 2022. Buyers from PRC, Hong Kong and Taiwan spent $6.1 billion on those deals.
The law is discriminatory and unenforceable. Experts believe it’s more of a political statement than anything.
Financial Triangle owner Daniel Ettedgui drew parallels to Nazi Germany and calling the bill racist.
Ettedgui moved from France more than 30 years ago. He expects the proposed law would also send a message to people from other Asian countries to avoid investing in Florida real estate. In addition, he also believes it will scare off European investment as well.
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