In a legal tug-of-war, a lawsuit challenging Florida’s S.B. 264, which restricts real estate purchases from “countries of concern,” promises a pivotal moment for foreign investments in real estate. The law, effective since July, prohibits purchases within 10 miles of critical infrastructure or military installations for individuals and companies originating from China, Russia, Cuba, Iran, Syria, Venezuela, and North Korea.
Chinese citizens and a real estate brokerage filed a lawsuit in May, alleging discrimination and seeking a preliminary block, but the Eleventh Circuit denied it in August. The clash centers around the Fair Housing Act, raising concerns about indirect ownership and potential violations. While Florida’s legislature aims to modify the law, uncertainty looms, impacting investor behavior and prompting questions about federal intervention.
Commercial Real Estate Cases In 2024: Landlords Left in the Lurch
WeWork, once a colossus in flexible workspaces, succumbed to the remote work era and declared Chapter 11 bankruptcy in November, drowning in over $10 billion in debt. Beyond its business collapse, landlords now grapple with rent payment lawsuits, turning WeWork into a landlord’s nightmare.
