Florida law limiting foreign real estate investors 'borders on redlining,' exper...
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Florida law limiting foreign real estate investors 'borders on redlining'
presidential election.
Certain foreign nationals will find it harder to purchase a home or land in Florida after a new state law went into effect this month, a move that experts worry could set a discriminatory precedent.
The bill signed by Gov. Ron DeSantis in May bans citizens from Cuba, Venezuela, Iran, Russia, China, North Korea and Syria from purchasing agricultural land in the state. It would also restrict foreigners from those countries from buying real estate within 20 miles of airports, US military installations, or other so-called "critical" infrastructure facilities.
Chinese citizens who buy land in restricted zones would face the harshest penalties versus other groups.
The law threatens to violate the Constitution and the Fair Housing Act, civil liberty and real estate experts said, the latter of which protects homebuyers from being discriminated against based on race or national origin. There are also many unknowns surrounding its implementation.
The law is "too broad," Luis Padilla, CEO of Oceanside Realty & Investment Inc./ Padilla Team in Florida, told Yahoo Finance.
"In my opinion it's more of a political statement versus a real estate play. To say citizens from certain countries can’t purchase within 20 miles of an airport, I think it’s a little bit beyond the real estate practitioner's pay grade to really be playing national security agents," Padilla added. "As a realtor, I think it’s a law that hurts and borders on redlining citizens just because of their ethnicity or citizenship. If I have to be on one side, I’m not for it."
Chinese immigrants sue
A real estate brokerage that primarily serves clients of Chinese descent, as well as a group of Chinese citizens who reside in Florida, are filing a lawsuit against the new property law.
The plaintiffs are represented by the American Civil Liberties Union, ACLU of Florida, DeHeng Law Offices PC, and the Asian American Legal Defense and Education Fund, in coordination with the Chinese American Legal Defense Alliance.
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