The proposed bill, titled the "Real Affordable Housing Relief Act," aims to regulate the ownership of single-family residential properties by business entities in Florida. It establishes a new section, 692.041, in the Florida Statutes, which defines key terms such as "business entity" and "single-family residential property." The bill prohibits business entities that own more than 100 single-family residential properties from purchasing additional properties for the purpose of leasing or renting them out. Additionally, it clarifies that sellers of single-family residential properties to these business entities will not be held liable for any violations of this section.

The bill empowers the Attorney General to initiate civil actions against business entities that violate these provisions, with penalties including a civil fine of $100,000 for each violation and a requirement for the business entity to sell the property to a natural person or independent third party within one year of the court's judgment. The bill specifies that the remedies provided in this section are exclusive, and it is set to take effect on July 1, 2025.