Real estate agents and academics say the bills HB 1355 and SB 264 could hurt the South Florida market by decreasing demand and leading to a dip in prices. Above: A photo of Sunny Isles Beach in Miami-Dade County, a community nicknamed Little Moscow for its large population of Russian residents and investors.
dsantiago@miamiherald.com
Limiting the buying power of foreign nationals from seven countries would weaken South Florida’s real estate market, experts in Miami’s real estate community said in criticizing legislation backed by Gov. Ron DeSantis.
The Miami Herald contacted 10 real estate agents, academics, lawyers and nonprofit leaders, they all agreed the bills would soften the South Florida residential market. The legislation could lead to slowing demand, price dips and less participation in programs such as the EB-5 immigrant investor program, in which investors in large real estate developments and their families can apply for green cards.