Trust This.
By Joseph E. Seagle, Esq.
👋 Happy Friday! Today is National Lost 🧦 Sock Memorial Day for all of us who have a stash of lonely socks in the back of our drawers., just waiting for their mate to return.
❗️Situation Awareness: Valerie Edgecombe has joined MyLandTrustee.com and Aspirelegal.com as our new Managing Attorney for Legal Operations and Services Valerie has over 20 years of experience in managing and growing legal teams and processes. She will oversee the day-to-day operations of lawyers, land trust administrators, paralegals, legal assistants, and support crew as we continue to grow.
1 big thing: 🏛️ Trump Budget Proposal Targets Section 8, Risks Market Ripple
The Trump administration has proposed the elimination of Section 8 housing vouchers and a 40% cut to HUD rental assistance, according to NPR and internal budget drafts obtained by HousingWire. The shift would replace direct federal rental aid with block grants to states, capping support for able-bodied adults at two years and reducing funding for long-term housing solutions.
Why it matters: For real estate investors, brokers, and lenders, the proposal is a tectonic shift in housing policy. Section 8 has long served as a stabilizing force in distressed and low-income housing markets, offering reliable rental income streams backed by the federal government. Its removal introduces uncertainty and volatility.
Inventory stress: With demand far outpacing affordable supply, the loss of Section 8 could lead to surges in unpaid rents, vacancy rates, and evictions — especially in markets where low-income tenants dominate Class C portfolios.
Shifting liabilities: States would be expected to craft their own housing aid programs, but history shows that such block grants often fall short. For real estate pros, this means navigating a patchwork of local policies with varied tenant protections and eligibility rules.
Homelessness surge: Industry analysts warn the rollback could trigger a spike in homelessness, putting pressure on municipal resources — and investor portfolios near urban cores and transitional neighborhoods.
Between the lines: While the administration frames the cuts as necessary to curb misuse of funds, citing past abuses on “skate parks and concert plazas,” housing advocates counter that these programs are already underfunded — with only 1 in 4 eligible households currently receiving aid.
Buy-and-hold landlords relying on voucher programs should reassess risk exposure and explore diversified leasing models.
Developers using Low-Income Housing Tax Credits (LIHTC) may face funding gaps if local subsidies can’t fill federal shoes.
Realtors in overheated markets could see listings sit longer as tenant purchasing power plummets.
Yes, but: With bipartisan opposition mounting, including a new bill in Congress aiming to expand Section 8, the proposal faces an uphill battle — but signals the administration’s broader pivot away from federally backed housing support.
📉 The Bottom Line: If the safety net is pulled, real estate pros must brace for demand shocks, policy fragmentation, and shifting ROI calculations.
2. Florida Eases Condo Safety Mandates to Alleviate Financial Strain on Owners
In a significant move to balance safety with financial feasibility, Florida lawmakers have passed House Bill 913, introducing reforms to the state’s condominium safety laws. These changes aim to provide relief to condo owners facing mounting costs from stringent safety mandates enacted after the 2021 Surfside collapse, which claimed 98 lives.
Why It Matters: The original 2022 legislation required “milestone inspections” and “structural integrity reserve studies” for older, multi-story buildings, leading to substantial assessments for condo owners. Many associations, striving to meet the December 31, 2024, deadline, imposed large fees, causing financial distress among residents, particularly retirees and those on fixed incomes.
Extended Deadlines: The deadline for structural integrity reserve studies has been pushed back by one year, providing associations with additional time to comply.
Financial Flexibility: Associations can now utilize lines of credit or loans to fund reserves, subject to majority owner approval.
Temporary Reserve Funding Pause: A two-year pause on reserve contributions is permitted following a milestone inspection, allowing associations to prioritize immediate repairs.
Clarified Applicability: The law now explicitly applies to buildings with three or more habitable stories, resolving previous ambiguities.
Implications for Real Estate Professionals: For Realtors, mortgage brokers, investors, and title insurance agents, these reforms are poised to stabilize the condominium market. The financial relief measures may prevent a surge in distressed sales and maintain property values. Moreover, the clarified guidelines can streamline transactions and reduce legal uncertainties.
Voices from the Legislature
“Without moving one step backwards on safety, this bill provides options, flexibility, and relief so condo owners and associations cna prioritize the most important repairs first.” AP
Republican state Sen. Jennifer Bradley of Fleming, a sponsor of the bill.
“We have tried to reach that delicate balance between the safety of our constituents as well as understanding the incredible financial impact that sometimes these particular bills that we passed have.” AP
Representative Vicki Lopez (R-Miami), dubbed the “condo queen,” highlighting the bill’s significance.
Looking Ahead: Governor Ron DeSantis is expected to sign HB 913 into law, marking a pivotal step in addressing the challenges faced by Florida’s condominium communities. Real estate professionals should stay informed about these changes to effectively guide clients through the evolving landscape.
This week, I sat down with Sandra Edmond, the Queen of Tax Deeds®, where we discussed not only tax deeds but also the importance of personal branding.
Listen in or watch on your favorite streaming platform.
3. Catch up fast
Four charts that show why Florida’s housing market is struggling. HousingWire
Florida’s COVID-Era Housing Boom is Over with biggest price declines in a decade. NY Post
Property tax cuts could upend the Florida housing market. Cotality
The immigration push is making it harder for foreigners to buy U.S. homes, hurting Miami in particular. Bloomberg
Fannie Mae to sell non-performing loan portfolio Dodd-Frank Report
Borrowers sue Vanderbilt Mortgage for alleged violations in private suit after CFPB drops its suit. RESPA News (subscription)
Economic slowdown chills U.S. housing market. MPA Mag
Experts warn that China could inflict serious harm on U.S. housing market by selling off mortgage-backed securities. MPA Mag
Spring’s homebuying season is lackluster so far due to high costs and economic instability. Redfin
The Fed holds its rates steady, noting rising uncertainty and stagflation risks. CNBC
4. Closing Thought: Inspire Vision, Not Just Tasks
The roses in the front yard were bursting out last weekend in Asheville.
Real estate professionals and entrepreneurs often fall into the trap of managing people by to-do lists. But true leadership doesn’t start with checklists—it starts with vision. Antoine de Saint-Exupéry said it best: “If you want to build a ship, don’t drum up the men to gather wood… Instead, teach them to yearn for the vast and endless sea.”
The big idea: Whether you’re syndicating an investment deal, launching a new development, or growing a brokerage, your team isn’t motivated by lumber or logistics. They’re moved by mission. A clear, compelling vision connects their everyday tasks to a bigger purpose.
➡️ Paint the bigger picture. Don’t just say, “We need to close on this multifamily by the 30th.” Say, “We’re creating generational wealth and revitalizing neighborhoods.”
➡️ Link tasks to legacy. Help your partners see how their roles—underwriting, raising capital, showing properties—drive real impact.
➡️ Make it emotional. People don’t hustle for spreadsheets. They show up early and stay late when they believe in the destination.
Zoom out: Think about your first big win in real estate. It wasn’t just the cash flow or the equity—it was the feeling of freedom, control, possibility. That’s the “vast and endless sea” your team needs to see.
The bottom line: Great leaders don’t micromanage the shipyard. They inspire their crew to chase the horizon. When you lead with vision, the wood gets gathered and the ship gets built—because everyone believes in where it’s going.
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