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>Signed into law by Florida Gov. Ron DeSantis last May, SB264 (23R) prohibits nationals from China, Cuba, Venezuela, Syria, Iran, Russia and North Korea from bu
by remarkEon 3y ago
>Signed into law by Florida Gov. Ron DeSantis last May, SB264 (23R) prohibits nationals from China, Cuba, Venezuela, Syria, Iran, Russia and North Korea from buying homes in the state.
Law seems to be tuned, roughly, to states hostile to the United States. I agree though, if FL had just made this a ban on foreign real estate speculation they'd probably be okay.
- toomuchtodo 3y agoFlorida has a lot of Latin America and European wealth flowing into their real estate (Miami, primarily), which they would likely be adverse to preventing. https://www.insurancejournal.com/news/southeast/2023/12/21/752795.htm https://www.insurancejournal.com/news/southeast/2023/12/21/7...
- lp0_on_fire 3y agoEvery nation listed there is under embargo or some other trade restriction by the US State department. https://ofac.treasury.gov/sanctions-programs-and-country-information https://ofac.treasury.gov/sanctions-programs-and-country-inf... I don't think it's out of line to prohibit nationals from those countries from purchasing homes or land in the US. Especially since nationals of those states with the ability/capital to purchase homes are, IMO, more than likely to be part of the governing regimes.
- Log_out_ 3y agoEveryone is forever part of a regime that holds family hostage.
- FooBarBizBazz 3y agoThe funny thing is that putting "China" vs. "Russia" in the headline will elicit a different knee-jerk reaction, but they're both included.
- tacticalturtle 3y agoI get that the source is Nikkei Asia , and China is the only Asian country* on the list, but the headline and a good chunk of the article made the law seem like it was exclusively targeting Chinese nationals. *not counting Russia
- NikkiA 3y agoI think you'll find that North Korea is generally considered to be a country in Asia, too.
- govg 3y agoWhat continent contains Iran, Syria and (as the other comment pointed out) North Korea?
- tacticalturtle 3y agoOof yeah I didn’t think that one through. Still I think the general idea is pertinent. Why the focus on China?
- remarkEon 3y agoWell, they have the funds do they not? I don't think there's a class of wealthy real estate investors from DPRK eager to get into the condo market in South Florida. In that context it makes perfect sense to focus on China. Still, given the expansive jurisprudence on targeting specific races, and the general allergy we have in American politics to doing anything even adjacent to that idea, it would've been better to draft a more expansive policy for the bill. Personally I think foreign real estate investment is bad, and should be severely dealt with. I don't think it's fair for rich foreigners to essentially park cash in American housing. That specific sense that this activity is wrong can be generalized into a better policy solution, where we don't have to pretend that it's only bad when the Chinese or the Russians or whoever does it. It's also bad for private equity to do this, but that's a separate topic.
- jjeaff 3y agoCompletely banning all foreign speculators would likely crash the housing market there.
- a_wild_dandan 3y agoOh wow, promise?