Attorneys for a group of plaintiffs this week urged a federal appeals court to block a new Florida law (SB 264) that restricts people from China from owning property in the state, saying the measure “mandates egregious national-origin discrimination.” The lawsuit focuses on part of the measure that specifically puts restrictions on people from China who are not U.S. citizens or permanent U.S. residents. That part prevents people “domiciled” in China from purchasing property in Florida, with some exceptions. The judge rejected the request for a preliminary injunction, stating that U.S. Supreme Court precedents have “held that states could deny aliens ownership interests in land within their respective borders absent an arbitrary or unreasonable basis.” He also indicated a key is that the “law classifies based on where an alien is domiciled.” “It does not facially discriminate against noncitizens based on race or ancestry. It does not discriminate against noncitizens based on ‘the particular country in which one was born,’” the judge wrote, partially quoting a Supreme Court precedent.
Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.
