A new bill introduced in the Florida House of Representatives aims to curb corporate ownership of single-family homes, a trend that has priced out local buyers and driven up costs. House Bill 401, filed by Rep. Berny Jacques (R-Seminole), seeks to distinguish corporate-owned rental properties from traditional single-family homes by labeling them as “single-family hybrid” housing. This classification would allow local governments to regulate these properties through zoning laws, potentially restricting their presence in certain neighborhoods. The bill was inspired by findings from a Tampa Bay Times investigation, which revealed that Wall Street-backed firms own over 117,000 homes in Florida, significantly impacting affordability and accessibility for individual buyers (Tampa Bay Times, 2024).
While supporters of corporate rentals argue that they provide housing options for those unable to buy, the Times’ report found that corporate landlords often neglect maintenance, evict tenants at higher rates, and contribute to gentrification, particularly in Black neighborhoods. Researchers have linked the dominance of a few large corporations in the rental market to rising home prices and rental rates. Some housing advocates have praised the bill’s use of zoning laws as a creative approach to addressing this issue, though concerns remain about its legal vulnerability and whether it will be effective in reducing corporate influence in the housing market (Tampa Bay Times, 2024).
Critics of the bill argue that it does not go far enough, as it does not address homes already owned by corporations and does not directly limit corporate purchases. Finance experts suggest that stronger restrictions, such as capping corporate ownership or taxing firms that exceed a set number of homes, would be more effective at deterring monopolization. Additionally, representatives from the National Rental Home Council claim the bill unfairly limits housing options for renters and fails to acknowledge the role corporate investors play in meeting demand in Florida’s rapidly growing housing market. Despite these concerns, Jacques maintains that his approach provides flexibility to local governments and avoids a top-down mandate from the state (Tampa Bay Times, 2024).
Information cited from
Tampa Bay Times. (2024). [Tampa Bay Times].