Corporate Greed: How Investors Are Forcing Rent Hikes and Evictions in Florida (video)

Eviction Capital of Florida: Duval County

A University of North Florida study has identified Duval County as the eviction capital of the state, <a href="shedding light on the growing issue of corporate investors flocking to Florida. The report highlights how corporate investments in multifamily properties are leading to increased rent prices and a high number of eviction filings in the Jacksonville area.

Corporate Invasion in Duval County

The Jacksonville Rental Housing Project’s recent study reveals a significant corporate invasion in Duval County. Approximately 72% of multifamily properties, such as apartment complexes, are now owned by real estate and investment firms. These corporations are often based out of state, and their presence is contributing to the rising rent and increased eviction rates.

Weak Tenant Protection Laws

Florida is particularly attractive to investors due to its weak tenant protection laws. These laws make it easier for landlords and corporate entities to operate with minimal regulations, leading to frequent rent increases and eviction threats for many residents. The state’s 2023 preemption law significantly impacted tenant protections by limiting the passage of local policies like rent control and source of income ordinances. Consequently, local ordinances regulating tenant-landlord relationships are prohibited, creating an ideal environment for landlords to maximize profits with little oversight.

Impact on Local Residents

The rising rent prices are taking a toll on local residents, many of whom struggle to keep up with the increasing costs. Lynette Mitchell, a Jacksonville resident, shared her experience of visiting the Jacksonville Housing Authority for assistance. She noted that her rent had increased by $400 over the past few years, making it difficult for her to afford her longtime apartment. This scenario is not unique, as many residents face similar challenges due to the aggressive rent hikes by corporate landlords.

Increased Need for Legal Aid

James Tire, a housing attorney at the Jacksonville Area Legal Aid Office, highlighted a gradual increase in the number of people seeking help with evictions. With incomes not keeping pace with rising rental rates, many residents find themselves threatened with eviction. Tire pointed out that there are limited services available in Jacksonville to assist those facing eviction, further exacerbating the problem.

Deteriorating Living Conditions

As corporate landlords prioritize profit, regular maintenance of properties is often neglected. The study indicates that many Jacksonville area residents turn to local media to report deteriorating living conditions. Investigations by News 4 JAX have uncovered poor living conditions in several apartment complexes, including Colonial Forest on the Westside, Cascade Apartments in Grand Park, and Red Bay Apartments in Arlington. These complexes have become hotspots for evictions, with Red Bay Apartments alone filing 143 evictions in 2022.

Call for Policy Changes

The Jacksonville Rental Housing Project supports the creation of an Office of Housing to address these issues. Such an office could provide more robust tenant protections and regulate landlord-tenant relationships more effectively. Without these changes, the trend of rising rents and increasing evictions is likely to continue, further straining the resources of local residents and exacerbating the housing crisis in Jacksonville.

Conclusion

The influx of corporate investors into Florida, driven by weak tenant protection laws, is having a profound impact on the housing market in Duval County. With rising rents, increasing eviction rates, and deteriorating living conditions, local residents are facing significant challenges. The findings from the University of North Florida and the Jacksonville Rental Housing Project underscore the urgent need for policy changes to protect tenants and ensure fair and affordable housing in the state.