Episode summary
Will eliminating property taxes make Florida more affordable?
HousingWire Daily
· · 28 min · Hosts: Sarah Wheeler · Guests: Orlando Diaz
Summary
Orlando Diaz says Florida’s housing affordability problem is being driven by a mix of rising home prices, insurance costs and especially taxes, with Miami highlighting how higher-income migration and gentrification are pushing out Main Street households. He argues that the state’s biggest policy lever is property taxes, because insurance and taxes are the only pieces lawmakers can directly change, and he says the current burden is already squeezing retirees and fixed-income owners.
Diaz backs the November constitutional amendment that would raise the homestead exemption from 50,000 to 150,000 in 2027 and 250,000 in 2028, then move toward eliminating non-school property taxes. He says the 5-year phase-in is important because counties need time to adjust their budgets and avoid abrupt cuts to essential services, but he also warns that local governments will still have to find savings. He frames the proposal as an affordability measure that could keep families from being forced to sell and leave Florida.
He also revisits FAMP’s fight over FHFA condo rules, saying Florida had been singled out with a 25% down payment requirement for limited review loans. Diaz says the eventual FHFA change was disappointing because it eliminated limited review entirely while also raising condo reserve requirements, which he believes will push assessments higher and make refinancing harder for many owners.
Key takeaways
- Diaz says Florida’s affordability crisis is now broad-based, with taxes, insurance and home prices all squeezing households, especially in Miami and South Florida.
- He supports the property-tax amendment because he thinks a 5-year phase-in gives counties time to adjust budgets instead of forcing immediate service cuts.
- Diaz warns that higher condo reserve requirements will raise assessments and HOAs, which he calls an "anti-affordability move."
- He says stricter condo rules could push borrowers into private capital or non-QM loans, increasing costs for owners who want to refinance.
- FAMP sees the policy fight as part of a larger effort to keep Florida attractive to in-migration without pricing out retirees and working families.
Notable quotes
“Affordability is number one priority. It's a word that's being thrown around by a lot of politicians”
“it was better to get rid of limited review altogether than make Florida in line with the rest of the state”
How the episode opens
Welcome everyone. My guest today is Orlando Diaz, president of the Florida Association of Mortgage Professionals or FAMP, to talk about how they are fighting to make Florida more affordable. Orlando, welcome to the podcast. — Thank you for having me, Sarah. I appreciate being here.
No, I appreciate you. You know, you and I got to talk last year before I went to the Florida Association of Mortgage Professionals event last year. I'm I'm headed there again, right?
Along with Logan Motashami, who's going to be one of your speakers. So, it was really fun to catch up with you a year later and see what your priorities were when it comes to Florida because we know like, you know, we have some we have some affordability challenges even though some of those have gotten better. So, really wanted to dig in with that with you today about those same things.
Maybe set the stage for where Florida is affordability wise.
Well, as I think that it's it's not only happening in Florida, but it's essential the accent is on Florida. Affordability is number one priority. It's a word that's being thrown around by a lot of politicians because obviously, you know, we have what seems like two classes.
We have especially here in Miami where you see it very evident. You have a lot of folks in the upper upper class upper middle class to high high end that keep moving down to Florida for XYZ reason. But then you also have you know, Main Street that is that is suffering.
It's suffering because not only going to the shopping going shopping at for groceries today is what they used to spend $100 on they can get very little. I always say that in my especially in Miami, it's $100 tax just to leave the house.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- florida housing affordability
- property tax amendment
- fhfa condo rule changes
- mortgage professionals advocacy
- tax impact on home affordability
Companies and tickers mentioned
- Florida Association of Mortgage Professionals
Watch the episode
Watch “Will eliminating property taxes make Florida more affordable?” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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