May 17, 2024
Public Policy Update
Hello everyone. We just love it when we get to bring you good news and today is just such an occasion. Yesterday, we received word that Gov. DeSantis signed SB 328, which was one of our biggest priorities this past session.
SB 328 injects an additional $100 million into the successful Hometown Heroes Housing Program (HHHP), the dynamic first-time homebuyer program for hard-working Floridians. It also builds on the policies created in last year’s Live Local Act that spur private investment in affordable housing, and it clarifies changes to local zoning, height and density regulations to ensure counties and cities have the guidance they need to create more affordable housing options in their areas.
The bill became effective as soon as it was signed but the HHHP funding won’t become available until after July 1, 2024. I would encourage you to keep checking the Hometown Heroes Housing Program website for updates on the opening of the application period and the availability of the funds. We will of course keep you informed as well as we receive updates.
So, now is the perfect time to let your homebuying clients know that new downpayment assistance is set to become available soon!
Florida Senate President Releases Property Insurance Market Memorandum
Florida Senate President Kathleen Passidomo sent a memorandum out to all Florida senators yesterday giving an update on Florida’s property insurance market. Here is a direct quote from the beginning of the memorandum, but I encourage you to give the whole memo a read as it contains some really great information.
"We know the cost of property insurance is posing a major affordability problem for Florida homeowners. Fortunately, the reforms passed in recent years are working. We are seeing new insurers and new private capital enter Florida, while large companies recommit to our state, citing recent reforms. Unfortunately, we all know it is taking time for the positive momentum we are seeing across the market as a whole to reach kitchen tables around the state. Families are understandably frustrated by the cost of premiums and need to see savings and stabilization now. For this reason, I was pleased to read in the attached documents that rate filings for 2024 show a slight trend downward for the first time in years, indicating the beginning of stabilization of the property insurance market. Ten companies have filed a zero percent increase and at least eight companies have filed a rate decrease to take effect in 2024."
Get the full memo here.
Florida Realtors Homegrown Advocacy Tour Rolls On
We made our 9th stop yesterday on the Homegrown Advocacy Tour. This time we were over in the Daytona Beach area to meet with members of District 2. Your 2024 President-Elect, Tim Weisheyer led the event which included Rep. Tom Leek and members of your public policy team. Our next stop will take place on Tuesday, the 21st in District 3. For the full schedule and to register for the free event, go here.
Governor Ron DeSantis Announces Record Breaking Tourism Numbers
Yesterday, Gov. DeSantis announced that tourism to Florida has reached unprecedented levels, solidifying Florida’s status as the premier destination for travelers worldwide. Revised figures for 2023 show that Florida welcomed more than 140.6 million visitors, breaking previous records. Additionally, Florida’s first quarter of 2024 hit 40.6 million visitors, the highest ever recorded for a single quarter.
According to revised figures for 2023, Florida welcomed 140.6 million visitors, marking an increase of 2.3% from 2022’s record-breaking figure and establishing a new benchmark for visitation to the state. Domestic visitation reached an all-time high, with 129.1 million domestic visitors choosing to come to Florida in 2023, along with 8.3 million overseas visitors and 3.2 million Canadian visitors.
The momentum of unprecedented growth carried into the first quarter of 2024, with domestic visitation hitting a new high of 37.2 million, the highest ever recorded for a single quarter. Overseas visitation stood at 2.1 million, and Canadian visitation rose to 1.3 million. The total visitation for Q1 2024 shattered records, with an impressive 40.6 million visitors, a 1.2% year-over-year increase and the highest number of visitors ever received in a single quarter.
Read the full announcement here.
Curious About Amendment 5?
We’ve gotten some questions about Amendment 5, which will be on the ballot this November, as we’ve toured the state for the Homegrown Advocacy Tour. It’s an amendment that, if approved by voters, would provide an increase in the value of homestead exemptions by adjustments to match inflation.
As an organization, we do not have a position on the amendment, but we will have some more information for you soon that breaks the amendment down in an understandable way. In the meantime, feel free to start educating yourself on the amendment via this Florida Realtors news article.
NAR Releases Settlement-Related Podcasts
NAR recently released three separate podcasts that provide honest and forward-looking conversations by real estate pros who talk through the potential challenges and opportunities presented by the proposed settlement agreement.
REALTORS® Legislative Meetings (RLM) Roundup
- Watch a webinar debuting the results of our annual state and local policy survey and showing how they directly shaped our RLM policy priorities.
- Read about the Federal Legislative & Political Forum featuring former members of Congress Joe Cunningham and Trey Gowdy and the Advocacy Scoop hosted by NAR Advocacy staff.
- Hear directly from NAR members about their experiences on Capitol Hill.
- Learn about the Arlington Smart Growth field experience hosted by NAR and the Northern Virginia Association of REALTORS®.
- Read the National Governors Association's recap of Montana Governor Greg Gianforte's address to NAR's State & Local Issues Policy Committee on making housing more affordable and accessible.
Please reach out to us at publicpolicy@floridarealtors.org with any questions you may have.
Sincerely,
Andy Gonzalez
Vice President of Public Policy
Florida Realtors®