JACKSONVILLE, Fla. — A newly filed bill would give local governments a novel tool to stop big corporations from buying up single-family homes, which has made homeownership less attainable for Floridians.
Real estate agent Kelsey Ebarb-Rembold argued the rise of corporate buyers has created major problems for first-time home buyers.
She explained families are often outbid by corporations that buy up homes with the intent to rent them out.
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“Money is green. You know, cash speaks and it’s just depending on what that number is and what the seller’s goals are. That’s what could be the ultimate deciding factor, which it’s hard and it’s unfortunate for all the people who want homeownership,” said Ebarb-Rembold.
Corporate home buying took off when the housing market skyrocketed during the pandemic.
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According to State Representative Berny Jacques (R-Clearwater), it’s now estimated 120,000 homes in Florida are owned by corporations rather than families.
“As they expand their footprint, the opportunities for ordinary Floridians to get into homeownership is lessened,” said Jacques.
Jacques is sponsoring legislation that aims to create new protections for homebuyers.
The bill would allow local governments to designate areas off-limits to anyone or any entity that owns more than three residential properties in the county.
“We’re trying to level the playing field so an ordinary person can have a fighting chance at homeownership,” said Jacques.
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Ebarb-Rembold said she thinks the proposal would make a notable impact on home affordability.
“I think if there are these safe zones it can push people who are currently in the rental market to be able to reassess affordability and say, okay, I can get back in this game and I can get reapproved and I can look back into buying,” said Ebarb-Rembold.
Jaques noted the bill still needs a Senate sponsor.
The legislative session kicks off on March 4th.
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