A new Florida law provides significant funding for workforce housing in the Sunshine State while banning rent control under any circumstance.

Gov. Ron DeSantis signed legislation Wednesday providing $711 million to the Florida Housing Finance Corp. for programs to increase workforce housing options as well as help workers buy homes. DeSantis said during a a ceremony in Naples that the funding is the most dedicated to affordable housing in the state's history.

“We want people to live in the community where they are working,” DeSantis said. The state’s cities and counties need teachers, police officers, fire fighters, nurses and others, but “you can’t do it if people are having to drive an hour, hour and a half just to get to work every day,” he said.

Lawmakers sought to address the rapid rise in housing costs across the state, particularly in the largest cities, prompted by a significant increase in people moving to Florida. The funding comes as the state's budget surplus is more than $22 billion in the 2021-2022 fiscal year, he said.

Last year, Florida had the highest domestic in-migration in the country, with 318,855 new residents.

Apartment rents soared in 2021 and into last year, frequently with the highest growth rates in the country as a result.

Rent growth in the Orlando metropolitan area topped out at 22.9% annually by the end of March last year. The rents increased so high and rapidly that Orange County, where Orlando is located, approved putting rent control on the Nov. 22 ballot.

Voters overwhelmingly approved rent control despite a judge ruling that the measure was unconstitutional and shouldn’t have been on the ballot, preventing rent control from taking effect. The county appealed to the Florida Supreme Court.

The new law DeSantis signed removes the method the county used to justify rent control. Orange County had declared a housing emergency, which was the only way under Florida law rent control could be used.

Rent growth has slowed throughout the state because of a hefty construction pipeline. But affordability remains a big challenge.

To ease affordability for workers, the new law builds on a program started last year named Hometown Heroes. It received $100 million in funding to provide down payment assistance to veterans, police officers, first responders, teachers and others.

About $72 million has been allocated, DeSantis said. Another $100 million in funding has been added.

In addition, $259 million is provided for state apartment assistance loans to develop new housing and $252 million for the State Housing Initiatives Partnership program, which provides funds to local governments to produce affordable housing ownership and multifamily housing for low- and moderate-income residents.

The law includes other incentives such as a tax exemption for owners of new rental properties or substantially renovated properties to shift them from market-rate housing to affordable for low- and moderate-income residents.

State Rep. Anna Eskamani from Orlando who voted against the legislation told various Florida media outlets that there is a lot of good in the legislation but it will take time to implement the measures and her constituents need help immediately.