It’s Thursday, Orlando. We’ll see partly cloudy skies throughout the day today, with the possibility for a stray shower or storm. Highs will reach 89° with lows of 75°. Here’s what’s on deck:

• Orange County Votes to Erase Medical Debt for Thousands

• New Rules for Florida Home Sales Going into Effect Saturday

Let’s dive in.

GOVERNMENT

Orange County Votes to Erase Medical Debt for Thousands

What's happening: Orange County commissioners approved a $4.5 million initiative to eliminate medical debt for thousands of residents, marking a significant first for the state of Florida.

The details: The plan targets residents whose medical debt exceeds 5% of their annual income or those living below four times the federal poverty level. An estimated 154,000 residents could benefit.

How it works: The county will partner with a nonprofit, Undue Medical Debt, which buys medical debt for pennies on the dollar and forgives it. The $4.5 million from leftover pandemic relief funds could wipe out $424 million in medical debt.

The debate: While some commissioners support the plan as a crucial relief measure, others, including Mayor Jerry Demings, expressed concerns about the lack of clarity on who will benefit, questioning whether the funds might be better spent on issues like homelessness.

The impact: Residents won’t need to apply for this aid. Instead, Undue will directly contact those who qualify after negotiating with healthcare providers. The exact number of beneficiaries still remains uncertain.

What's next: The partnership with Undue extends until September 2026, with a commitment to find additional funding if the initial allocation isn’t sufficient to cover all qualified debt.

Read more here (Orlando Sentinel)

REAL ESTATE

New Rules for Florida Home Sales Going into Effect Saturday

What’s happening: The real estate industry in Florida is on the brink of significant change as new rules for agent commissions take effect this Saturday. These changes stem from antitrust lawsuits against the National Association of Realtors (NAR), which accused the organization of inflating costs for sellers and resulted in a $418 million settlement.

What’s changing: Sellers have traditionally covered both their agent’s and the buyer’s agent’s fees, typically 5-6% of the home’s sale price. However, new rules will ban listing commission rates on the Multiple Listing Services (MLS), a key tool for agents. Buyers must now sign written agreements with their agents, potentially leading to buyers directly paying their agents.

Impact on buyers and sellers: Sellers might keep more money if they opt not to cover the buyer’s agent fee, while buyers could face added costs. This shift may lead to increased negotiation on commission rates and even push some buyers to forgo using agents entirely.

Zooming out: The US has some of the highest real estate commissions globally. These changes could align us more with international norms, potentially reducing commissions. However, lower earnings may drive agents out of the profession, with predictions suggesting up to 1 million agents could leave the industry.

Read more here (Orlando Sentinel)

QUICK HITS

In Other News…

1. A SpaceX launch scheduled for 9 AM this morning could prompt sonic booms heard across Central Florida.

2. Prompted by the recent Paris Olympics, Rugby Sevens has grown in popularity in Orlando with a new women’s team.

3. According to a recent study from WalletHub on all 50 states, Florida was ranked as the second-best place to live in 2024, falling short only to Massachusetts.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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