U.S. Rep. María Elvira Salazar (R-FL) on May 18 sponsored legislation that would reduce the excessive appreciation of United States residential real estate due to foreign purchases to increase affordable housing opportunities.
“Miami’s housing prices are out of control, and something needs to be done to address rising prices and expand access to affordable housing,” Rep. Salazar said. “This bill alleviates our housing crisis by ensuring that Miami residents come first in the marketplace.”
The Home Advantage for American Families Act of 2023, H.R. 3533, would authorize the U.S. Treasury Department to issue reports for residential real estate transactions within the top 15 Metropolitan Statistical Areas from foreign buyers, according to a bill summary provided by the congresswoman’s office. It would also increase the Foreign Investment in Real Property Act of 1980 withholding tax on residential real estate to 30 percent for both foreign corporations and foreign individuals.
The measure also would expand opportunities for low-income buyers by providing an additional 10 percent of base-funding set-aside of the Low-Income Housing Tax Credit for single family home construction within Qualified Census Tracts to help states create more affordable housing opportunities that can accommodate a family, the summary says.
H.R. 3533 is the companion bill to the same-named S. 551, introduced on Feb. 28 by U.S. Sen. Marco Rubio (R-FL) in his chamber.