A recent report from Miami Homes For All highlights a severe shortfall of affordable housing in Miami-Dade County, Florida, with an urgent need for over 90,000 units to meet the demands of residents. This report underscores the immense challenges the county faces in providing adequate housing for low-income families.
The report specifies that Miami-Dade County is currently short 90,181 units of housing designed for families earning less than 80% of the area median income (AMI). These families typically earn about $75,000 annually, yet the region's escalating housing costs have rendered many unable to afford suitable homes.
At a recent affordable housing briefing held at the Beacon Council’s Brickell headquarters, Annie Lord, executive director of Miami Homes For All, emphasized that the shortage has reached one of the nation's "largest affordability crises." Although there are 101 ongoing projects expected to provide approximately 14,000 housing units, a significant funding gap remains a major hurdle.
Among these ongoing projects, 6,237 units are designated for families earning between 30% and 60% of the AMI, 4,245 units for those earning between 60% and 80% of the AMI, 1,156 units for families earning between 80% and 120% of the AMI, and 2,053 units for those earning below 30% of the AMI.
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To achieve the construction goals of these projects, around $1.5 billion in funding is required. Marvin Wilmoth, managing principal at Cross Risk Investments, noted that this initial investment could potentially unlock an additional $3.3 billion in subsidies and other funding sources.
Miami-Dade County Mayor Daniella Levine Cava expressed deep concern over the long-standing affordability issues plaguing the region. She pointed out that continuously high rental costs have driven many workers out of the area. Home prices have also risen sharply, with the median price of single-family homes increasing by 14% year-over-year to $650,000, and condo prices rising by 11% to $445,000.
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In response to the housing crisis, Mayor Levine Cava proposed a $2.5 billion general obligation bond to fund affordable housing programs. However, this proposal faced opposition and was delayed. She now advocates for expanding the bond to better meet the current needs.
Despite some progress, such as 68 multi-family development projects receiving county funding this quarter, providing about 8,700 units, Levine Cava stressed that federal or local funding alone is insufficient to resolve the housing shortage. She also pointed out that Florida's "Live Local Act," which aims to encourage developers to build workforce housing through tax and zoning incentives, primarily benefits renters earning up to 120% of the AMI, thus not fully addressing the needs of low-income families.
Looking forward, Mayor Levine Cava emphasized the necessity of a comprehensive approach, urging construction companies and developers to prioritize community needs to avoid further economic instability. She warned that failure to address the housing crisis would threaten Miami-Dade's economic vitality. With the county's unemployment rate at just 1.4%, sufficient labor is essential to sustain the economy.
"We must ensure our construction companies and developers realistically consider the community's needs because ignoring this puts us at risk," Levine Cava said. "If we displace our workforce—and we've already seen signs of this—our 1.4% unemployment rate is not a healthy indicator. It means we lack the workers needed to support our economy."
