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That would be an excellent point if it were federally owned land
This isn't just regulating interstate commerce. It's regulating international commerce, based on countries that are a "threat" and centered around federal military land.
It's about not lettihg the housing market get wrecked any worse than it already is.
That's explicitly not what the law is about, nor what they're arguing to the judge. There's a reason why selling to Chinese nationals has a larger penalty and it's not to protect the housing market. The injunction should've been granted just because it creates real measurable harm due to racism, independent to the fact that it is a law that is blatantly out of Florida's scope.