New bill would crack down on corporations buying up Florida homes
A bill filed in the Florida House of Representatives on Wednesday could make it more difficult for Wall Street-backed landlords to buy homes in the Sunshine State.
“When you have corporations buying up single family homes meant to be residential, it takes away from the supply and therefore has an impact on cost,” said Berny Jacques, R-Seminole, the representative who introduced HB401.
A first-of-its-kind analysis from the Tampa Bay Times found that large corporations own more than 117,000 single family homes across Florida, including around 27,000 in the Tampa Bay area.
Proponents of the growing single family rental industry say it’s creating more options for those who can’t afford to buy.
But the Times found these landlords neglected ongoing maintenance issues, evicted tenants at higher rates and accelerated gentrification in Black neighborhoods. Disproportionate concentration of ownership among a handful of companies is linked by researchers to rising rent and sales costs, and experts said the companies’ tactics can shut out individuals buyers in the housing market.