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State representatives from Florida have introduced a bill to assist with the down payment for a first home.
The law seeks to have private companies participate in a program that would provide their employees with at least $5,000 to cover down payment expenses and closing costs, reported Telemundo 51.
The companies that participate in the program would receive a waiver of the corporate tax in return.
State representative Jervonte Edmonds, who introduced the proposal, stated that it would be aimed at large employers—Publix, Comcast, FPL, engineering firms, and other corporations with a large workforce—that are already paying high sales and insurance taxes.
If approved, the law would represent a "game changer" for thousands of workers who currently cannot access their first home due to the high entry costs in the market, according to the Telemundo report.
High housing costs in Florida
Miami, Fort Lauderdale, and Tampa are the cities in Florida where it is most difficult to buy or rent a home, according to a study that reveals a deficit of more than 120,000 units in the state.
According to the analysis, Florida is facing a shortage of 55,000 single-family homes and over 66,000 rental units.
This lack of supply increases demand and drives prices to levels unattainable for many families.
The study highlights Miami-Dade, Fort Lauderdale (Broward County), and Tampa (Hillsborough County) as the most impacted areas.
In Tampa, there is a shortage of more than 8,000 housing units, in Miami-Dade about 7,000, and in Broward over 10,000, both for purchase and for rent.
The report also identifies the main barriers fueling the crisis: prolonged delays in construction permits, restrictive zoning policies, a lack of flexibility for new forms of housing (such as duplexes or accessory units), and local political obstruction that hinders progress.
The authors point out that delays in permits can extend for months or even years, driving up project costs from the very beginning.
That additional burden is passed on to buyers or tenants. Furthermore, many areas continue to prioritize low-density developments, which limits the growth of the real estate market.
One of the most alarming findings from the study is that the maximum affordable price for a middle-income family in Florida is $258,000, while the average price of homes for sale already exceeds $440,000.
To buy an average house, those families would need to increase their incomes by 50%.
"The market has become inaccessible for many families. If Florida wants to continue growing, housing affordability must be a priority," stated Adrian Moore, vice president of the Reason Foundation.
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