Miami real estate experts have criticized legislation backed by Governor Ron DeSantis

 Miami real estate experts have criticized legislation backed by Governor Ron DeSantis that would limit the buying power of citizens of seven countries in Florida, including China, Cuba, Russia, Venezuela, Iran, North Korea and Syria. The restriction would apply to the purchase of agricultural land and any property located within 20 miles of a military installation or critical infrastructure, such as airports, ports, and sewage and power treatment plants.

Real estate experts argue that the legislation would weaken the South Florida real estate market, cause a slowdown in demand, price declines, and lower participation in immigrant investment programs such as EB-5. In addition, the majority of South Florida's foreign buyers come from Latin America and account for a significant portion of residential sales to foreigners, so limiting the international market would have a significant economic impact.

Experts have also noted that the law would change the future cultural makeup of some communities. While some local buyers may be happy with the idea of less competition, experts argue that the costs to the real estate market and the economy outweigh any potential long-term advantages.