On Wednesday, Florida Governor Ron DeSantis signed the Live Local Act, a $711 million plan to make housing more affordable for working Floridians.

This bill was a priority of Senate President Kathleen Passidomo and includes an increase in affordable housing programs, fiscal incentives for investment into the affordable housing market, and support for development of mixed-use properties in underutilized commercial areas. “As demand is high to move to a place like Florida, it makes it more challenging for folks to be able to afford,” DeSantis said during a bill-signing event in Naples. “I think this is the biggest effort that's ever been done in the history of Florida.”

The Live Local Act provides record support for housing, including historic support for our military communities. pic.twitter.com/cWeRYF4khx

— Ron DeSantis (@GovRonDeSantis) March 29, 2023

Allied Van Lines is a leading national mover that conducts an annual study of interstate moves to define trends in nationwide migration. In the top 10 list for incoming household moves last year was — you guessed it — Florida. Also in 2022, the Census Bureau ranked Florida as the fastest-growing state in America for the first time since 1957.

The recently passed Senate Bill 102 has sparked debate about its implications for local rent controls, zoning, density and building regulations. It also includes several provisions that support affordable housing projects in the state, including tax exemptions for developments with at least 70 units set aside for affordable housing as well as streamlined permit and development processes.

It further provides a significant investment of $362.7 million in the current state budget towards the SHIP program to encourage homeownership opportunities, improve the SAIL program and bolster the efforts of Hometown Heroes who serve our communities.

Passidomo, R-Naples, says the goal is to make it possible for people to afford to live in neighborhoods where they work. “Florida has attracted so many new people to move here. And that has just exacerbated the problem,” Passidomo said. “And we don't have one solution to the problem. But the Live Local Act is an amazing, multifaceted, 106-page bill of ideas and suggestions on how we can provide affordable, safe housing for our workers.”

The invigorated measure was recently approved by both Houses with strong bipartisan support - by 103 votes to 6 in the House of Representatives following unanimous approval from the Senate on March 8th.

Florida is reacting to the Fed’s cooling actions, but the hallmarks of the state’s real estate market continue to be gushing appreciation and a flood of incoming buyers from every corner of the country.

“Home values in Florida have risen by 75%-80% over the last couple of years and the forecast is expected to have a positive trend,” said Marissa Weast, Realtor® of Century 21 Sunbelt Realty, Inc.