The Law Of The Land?
The Florida Asian American Justice Alliance (FAAJA) is working to prove the legislation is unconstitutional, while proponents condone state officials’ decision to limit foreign investments on American soil.
Opponents say the law violates the Department of Housing and Urban Development’s (HUD) Fair Housing Act of 1968, which prohibits discrimination in the sale, rental, or financing of homes because of race, color, national origin, religion, sex, familial status, or disability.
Congressional Asian Pacific American Caucus (CAPAC) Chair Rep. Judy Chu (CA-28) was “outraged” by the signing, which she called in a May 15 statement, “the latest state-level effort to restrict the property ownership of Chinese home seekers, who are aspiring small business owners, students, and families seeking to build better lives for themselves here in America.”
Several bills seeking to limit or prohibit foreign investment in the U.S. have been introduced at the federal level in recent years, but none have passed.
“If the federal regulators determine the same (as Florida) then I think that becomes more of a bigger issue than a state-specific ruling,” Senko says. “At this point I’m not overly concerned unless the federal government makes it more prohibitive.”
Canada blamed a spike in home prices since 2020 on foreign buyers flooding the housing market. As a result, the Canadian government passed a law on Jan. 1 banning foreign investors from purchasing residential properties for two years. Exceptions were made for immigrants and non-citizen permanent residents.
For now, potential landowners who fall into one of the prohibited groups can still consider other regions in the U.S. besides Florida.
“Whether you’re Chinese or any ethnicity, you have an opportunity here in the U.S. to buy property as a foreign national,” Fisher says. “Don’t limit your markets; do what you consider best for you and your family.”