• The Real Estate Roundtable, a powerful lobby representing big hitters such as Citigroup Inc., Blackstone, Related, Starwood, and Wells Fargo & Co., is squaring up to fight an impressive political fightiness.
• They’re setting their sights on Governor DeSantis’ new foreign investment law. Apparently, it’s a real party pooper if you’re trying to reel in overseas investors into the local real estate scene.
• The law, which restricts certain types of investments from foreign interests, is far from a blockbuster hit among the real estate investor crowd.
• The lobby group is now appealing to state legislators to amend the unwieldy law to make it more palatable to their high-rolling clientele.
• They believe that, sans overhaul, the restrictive law could put a dent in the USA’s cachet as the global hub of real estate investment.
Real Estate Roundtable Gets Feisty Over Foreign Investment Law
Lobbying Powerhouse Calls for Amendments in Legislation
Ah, laws and lobbyists. The age-old frenemies are at it again! This time, the Everglades isn’t the only swamp Governor DeSantis has to worry about, as the mighty Real Estate Roundtable takes aim at his new law.
Law Too Restrictive, Say Investors
Featuring big-money backers like Citigroup Inc., Blackstone, Related, Starwood and Wells Fargo & Co., the group sees DeSantis’ concept of investment regulation as a not-so-fancy cocktail that has been shaken, stirred, and served straight down the drain. They argue it’s far too restrictive for foreign investors, which are seen as essential for keeping the real estate market buoyant.
Will legislators reshape the landscape?
The group thinks that DeSantis’ foreign investor buzzkill will make the USA’s real estate market as attractive as reheated pizza. They’re now trying to sweet-talk state legislators into softening the law. But whether the legislators will take their side is to be seen, it is just as much suspenseful as the next season of ‘House of Cards’!
And now for our hot take…
It seems the Real Estate Roundtable is trying to dial down the thermostat on Governor DeSantis’ dig at foreign investors. But in a world increasingly wary of international influence, aren’t some checks on foreign investment necessary? They’re not entirely wrong — the U.S. real estate market could do with a global cash infusion now and then like a caffeine addict needs an espresso. But could too many amendments make this law as effective as a chocolate teapot against actions not aligning with the nation’s interests? Who will win in this political gladiatorial contest is anyone’s guess. Just pop the popcorn, sit back, and let the show unfold.
Original article: https://www.inman.com/2023/12/12/major-real-estate-players-push-back-against-floridas-foreign-buyer-ban/
