Title: Ownership of Single-family Residential Property by Business Entities

Summary: Prohibits certain business entities from purchasing, acquiring, or otherwise obtaining certain property & subsequently leasing or renting such property; specifies that certain sellers are not liable for certain violations; authorizes Attorney General to bring civil action; provides remedies.

Full Text:
An act relating to ownership of single-family residential property by business entities; providing a short title; creating s. 692.041, F.S.; providing definitions; prohibiting certain business entities from purchasing, acquiring, or otherwise obtaining certain property and subsequently leasing or renting such property; specifying that certain sellers are not liable for certain violations; authorizing the Attorney General to bring a civil action; providing remedies; providing construction; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. This act may be cited as the " Real Affordable Housing Relief Act." Section 2. Section 692.041, Florida Statutes, is created to read: 692.041 Single-family residential property.-(1) As used in this section, the term: (a) "Business entity" means an association, a company, a firm, a partnership, a corporatio n, a limited liability company, a limited liability partnership, a real estate investment trust, or any other legal entity, and such entity's successors, HB 1593 2025 assignees, or affiliates. The term does not include: 1. A nonprofit corporation or other nonprofit legal entity. 2. A person or entity primarily engaged in the acquisition, rehabilitation, or construction of new or existing market rate or affordable residential housing. As used in this subparagraph, the term "affordable" has the same meaning as in s. 420.0004. (b) "Single-family residential property" means a single parcel of real property improved with only one detached dwelling unit on it for which a certificate of occupancy has been issued. (2)(a) A business entity that has an interest in more tha nsingle-family residential properties in this state may not purchase, acquire, or otherwise obtain an ownership interest in another single-family residential property and subsequently lease or rent such property. (b) The seller of single-family resi dential property to a business entity is not liable for any violation of this section by the business entity. (3) The Attorney General may bring a civil action for a violation of this section. If the Attorney General prevails in a civil action brought un der this section, the court must order all of the following: (a) A civil penalty of $100,000 against the business entity for each violation. HB 1593 2025 (b) Require the business entity to sell the single-family residential property to a natural person or an independent third party within year after the date the court enters the judgment. (c) Reasonable attorney fees and costs. (4) Subsection (3) is the exclusive remedy for a violation of this section. Section 3. This act shall take effect July 1, 25.