In a recent Bloomberg article titled "Real Estate Titans Battle DeSantis Over China Property Crackdown," the authors portray Florida Governor Ron DeSantis as engaged in a misguided culture war and antagonizing major investors with his law restricting Chinese investment in real estate. However, it's important to critically analyze the issues at stake and recognize that DeSantis's actions are driven by genuine concerns for national security, as well as the need to address housing affordability for Florida’s working families.

The Florida law restricting Chinese investment in real estate near US military bases exemplifies Governor DeSantis's commitment to safeguarding American national security interests. Numerous national security experts have raised concerns about China's increasing influence and potential espionage activities. These concerns are not unfounded, as Chinese espionage activities have been widely documented, and foreign investment restrictions have been utilized by other states for national security reasons. A bipartisan group of lawmakers are even aiming to limit outbound investment with respect to China.

However, it is also important to consider the bedrock issue of housing affordability for working families. This issue was raised at the fourth GOP debate in Alabama on December 7th. The real estate market in Florida, like many other parts of the country, has experienced significant increases in property values and rental prices, making it increasingly difficult for working families to find affordable housing. Since people vote with their feet and tens of thousands of families are voting for Florida, thanks to the leadership of DeSantis, the cost of housing is increasing. According to a report by the National Low Income Housing Coalition, Florida has a shortage of over 443,892 affordable and available rental homes for extremely low-income households. The number in California, made visibly apparent by its catastrophic homeless crisis, is a staggering 998,510 units.

Critics argue that Florida's real estate industry will suffer due to the law's impact on foreign investment. However, it is not only possible to prioritize both national security and housing affordability over short-term economic gains; it’s crucial. Paving the way for unrestricted Chinese investment in Florida real estate through limited partnerships originating and managed by billionaire Wall Street Hedge Fund managers, which drives up housing prices, is also creating potential risks to America’s national security. These are many of the same global-corporatists who once they realized Ron DeSantis won’t know-tow to their cultural and national security agnosticism, abandoned the Florida governor for Nikki Haley.

In addition to foreign investment driving up prices, another key factor contributing to the housing affordability crisis today is the mischievous role of the Federal Reserve. The Fed's rate-setting incoherency has only made capital more expensive, leading to inflated housing prices. By keeping interest rates so low, pre-pandemic, while pumping a Niagara Fall of liquidity into the financial system, the Fed created an environment where Wall Street investors, including foreign entities, could easily access cheap capital to invest in large real estate portfolios throughout America. This has also contributed to the rise in housing prices, making it more challenging for working families to afford a home.

Though the concerns raised by major investors regarding Governor DeSantis's law are understandable to a certain extent, the solution lies in finding a balance between national security and housing affordability. To address the affordable housing crisis, it is important for local policymakers to take some needed measures, including implementing zoning reforms and, in the case of California, reforming CEQA (the California Environmental Quality Act), to incentivize the rapid development of more affordable workforce housing units. Tackling both national security concerns and housing affordability, which Governor DeSantis has done, will ensure the long-term well-being and financial security of Florida's residents.

What DeSantis was forced to do in Florida by limiting Chinese investment in housing is a direct result of failed leadership in Washington, DC. Protecting America’s national security shouldn’t be the responsibility of America’s governors. However, when presidents fail to lead, we can thank God for bold leaders like DeSantis to step in and address the chronic deficiencies of leadership in Washington.

Indeed, by implementing necessary restrictions on Chinese investment in the American Dream and by also taking necessary steps to address housing affordability in Florida as a matter of state and local public policy, Governor DeSantis is demonstrating his commitment to protecting America from our adversaries while at the same time empowering America’s families by making it easier to own property and have an equity stake in the American Dream. Some might even call that presidential.