As part of an initiative to create more affordable housing and an increased housing inventory, President Joe Biden recently announced that his administration wanted to make single-family homes less available to investors.
According to a recent study, this could reverse a trend seen recently in the Orlando area.
In a study conducted by real estate company Redfin, residential properties purchased by real estate investors rose 170.8% in the Orlando area during the second quarter.
The study indicates that 2,313 homes were purchased in the Orlando area by investors, representing 18.6% of the number of homes sold in the area during the quarter.
The total value of homes purchased by investors was $ 734,056,872.
Nationally, one in six homes bought in the second quarter was acquired by investors, according to the study.
The motivations of investors can be very diverse, from simple snowbirds who want a place in a warmer climate to vacation during the winter months, to investors who want to rent a place for a vacation during the winter months. the high tourist season or people who wish to be full-time owners.
Either way, all are reasons that may reduce available homes in a market where inventory is already low, which is why Biden’s administration has focused on measures to increase supply. affordable housing.
In a statement, the Biden administration said it wants to create exclusivity periods where only government entities, homeowners and qualified nonprofits are able to bid on certain properties.
The administration’s goal is to create, preserve and sell an additional 100,000 affordable homes to homeowners and nonprofits over the next three years, with a focus on the lower and middle segments of the market.
In March, Florida Governor Ron DeSantis also enacted a bill that paid more than $ 200 million into affordable housing programs.
Combined with federal funds, Florida is expected to get nearly $ 1.5 billion in affordable housing funding this year, according to State Representative Jayer Williamson, chair of the Infrastructure and Credit Subcommittee. tourism.
To learn more about these and many other related problems (and solutions!), Listen to our latest episode of “Solutionaries,” a solutions-focused journalism program we launched earlier this year.
Here’s a trailer:
The full episode will be released at 8 p.m. on September 20.
At News 6, we’re committed to highlighting those in our community who are at the forefront of tough conversations, big decisions; work to fight for the advancement of our society in order to make the world a better and more equitable place. That’s why we launched “Solutionsaries”, the digital newscast designed so you can watch it anytime. You can find the show on:
On your Amazon Fire Stick, Roku, or Apple TV. (Search for “WKMG” in your App Store).
For another taste of what you can expect from episode two, here’s a bonus clip:
Do you have something to say about affordable housing? Please write to us! We are at [email protected] or we invite you to participate in our affordable housing survey.
Watch episode one: Police in America
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