CORAL SPRINGS, Florida—The Florida state legislature’s recent passing of law SB 102 that provides significant investment in housing for Floridians should be applauded, says Gary M. Landau, Probate & Real Estate Lawyer and founder of the Law Office of Gary M. Landau, P.A.
Dubbed the Live Local Act by its sponsor, State Senator Kathleen Passidomo, and signed into law on April 4, 2023 by Governor Ron DeSantis, the law allocates $711 million in low-interest loans and other incentives to build new housing projects throughout the state, through the Florida Housing and Finance Corporation (FHFC). According to the governor’s office, this nearly doubles the state’s investment in housing from the prior year.
“The housing shortage in South Florida is causing buyers to seek housing from too-few sellers, leading to housing prices that have skyrocketed in recent years,” Landau says. “Hopefully this law will encourage developers to build moderate-priced homes in parts of our southern counties best situated for increased development,” he adds.
“The law also helps a small number of homebuyers more directly, such as by providing down payment and closing costs to certain individuals purchasing their first home. Programs like this are critical because the high cost of housing is putting too many homes out of reach of first-time buyers,” Landau says.
Elderly residents, another group hard-hit by home price increases, will also get some relief from this law, Landau says. This sentiment is echoed by Nick Van Der Linden, a spokesperson for the the senior advocacy group LeadingAge Florida, who told News WCGU the group also applauds the new law, even though it is more limited in scope then they would like. “While this bill is somewhat limited in provisions that specifically place an emphasis on elderly housing, there are still a lot of great benefits and just elderly people, in general, being served by it or that are already living in housing that this legislation focuses on,” Van Der Linden is quoted as saying.
Landau has over 25 years of experience as a real estate attorney in South Florida, and in recent years he has watched home prices soar beyond the reach of too many residents. One reason for that is not enough new housing to keep up with all the people who are moving to the state, something this law he hopes will address. Another reason is that developers have focused too much on building million-dollar homes for out-of-state retirees rather than affordable units for the working people currently living here.
“I applaud the state for passing the Live Local Act in an effort to alleviate the affordable housing problem too many seniors and low-income Floridians face. I hope the bill will lead to more affordable units being built rather than simply more luxury homes,” he says.
Landau notes that it is also important for developers to build in the denser, urban areas of the county that already have services in place rather than constantly pushing the boundaries to build in rural and agricultural areas that are not as well suited.
The Live Local law goes into effect on July 1, 2023.
For more information, visit https://www.garylandau.com/.
About the LAW OFFICE of GARY M. LANDAU, P.A.
With more than 25 years of experience and countless satisfied clients, Gary M. Landau and his team are uniquely positioned to help you with your probate and real estate needs in South Florida. Whether you’re ready to probate a loved one’s estate or to write your own will, or if you are purchasing a home, have inherited a home, or want a closing agent to handle title insurance and all documents for your closing or refinancing, the Law Office of Gary M. Landau is ready to work with you.