Trust This. The Big Rent Control Vote Experiment

I don’t know about you, but the 🌞 days ☀️ feel like they’re getting shorter 🩳 or something.

1 big thing: Orange County voters to decide rent controls

Yesterday, Orange County Commissioners agreed to put an ordinance before voters in November to regulate rent increases.

Why it matters: This is the first time in Florida history that such an ordinance has been put up for a vote.

Backstory: Orange County rents increased an average of 30% in the past year. A 1977 Florida law requires that municipalities prove that there is a “housing emergency” before they can place any limits on rent increases or other housing price or rent stabilization measures. The Commissioners heard legal arguments from a law firm on behalf of an association of apartment owners that said that it is extremely unlikely that Orange County will meet this high bar to passage.

The Commissioners voted in April to have a study conducted by GAI Consultants to determine whether there was a housing “emergency” under Florida law that would justify rent controls. The 54-page report published earlier this month concluded that, while it may be a “crisis,” it’s not an “emergency.”

What's next: The ordinance must be drafted by August 23 if it has a chance of making it on the November 8 ballot. Commissioner Emily Bonilla first raised the need for a temporary rent stabilization ordinance.

The bottom line: As long as there’s a shortage of affordable workforce housing, demand will outstrip supply.

Go deeper: Orlando Sentinel’s Subscription site

2. Orlando in the top 10 for investor homebuyers

Investors bought a larger share of homes in the US last quarter than they ever have with 20% of all purchases being investors. In Orlando, it was higher at 25.7%.

This puts Orlando at number 7 in the top 10 US metros where investors were buying homes in the first quarter. JAX, Miami, and Tampa were numbers 2, 5, and 8, respectively.

By the numbers: This is a 12.9% decrease from the previous quarter, but a 44.7% increase over last year at the same time. In real dollars, investors bought $1,092,176,213 worth of real estate in the Orlando metro in Q1 at a median sales price of $314,750.

The top zip codes for investors to purchase?

The bottom line: Despite the increase over last year’s numbers, it’s clear that investors are hitting pause on purchasing like retail buyers are. Rising interest rates, increasing listing supply, and dropping prices are apparent to investors as much as to everyone else. Most investors I’ve spoken with are taking a short break, with plans to seek out good deals when the prices fall to a “comfortable” point.

Go deeper: Redfin News and Orlando Business Journal

3. What you’ve missed

4. Pic du jour

While today is National Take Your Dog To Work Day, Rufous would rather stay in bed. But when he makes it to the office, he’s the center of attention … even when he’s snoring in the corner.

BTW, in case you ever wanted to know what Rufous watches when he’s not at the office, this song should give you a hint.

We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.

Be on the lookout for our next issue! 👋