The City of Miami ordered a study about a year ago to help solve its housing affordability crisis, and that plan was released this week by the Jorge M. Perez Metropolitan Center at FIU.
The Miami Affordable Housing Master Plan, a radical 10-year road map to address the housing affordability crisis of the 470,000 residents of the City of Miami, was finally unveiled on Wednesday to a mostly positive response.
If Miami’s political leaders are serious about solving the city’s growing affordability crisis, here’s what a sweeping new plan to be unveiled Wednesday says they need to do: Create a bank to finance affordable housing construction and renovations, streamline permitting and tweak zoning, then get small and mid-size developers churning out 3,200 units of housing every year for 10 years — a scale and pace that the plan’s authors call “unprecedented.”
Ned Murray, director of the Jorge M. Pérez Metropolitan Center at Florida International University, said there is evidence of demographic shifts due to both in- and out-migration patterns that are contributing to the changes. Miami-Dade’s population growth appears to be slowing — but those who are moving in are proving wealthier.
In Broward, the median sales price of single-family homes was up 2 percent to $362,000. Those prices have contributed to a swelling population of renters. According to a recent market study by Florida International University’s Metropolitan Center, Miami-Dade lost 56,584 owner households and gained 95,880 renter households from 2007 to 2017.
“So you can be employed, or describe yourself as fully employed — but unfortunately for many households, we’re talking holding two or even three jobs,” FIU’s Murray said. “So finding a job is not the problem, it’s the income, wages and ability to afford housing and the general cost of living. There, we still have a sizable gap.”
"Everybody wants to build in Miami, so it doesn't matter where — they're just looking for land," says Murray, associate director of Florida International University's Jorge M. Pérez Metropolitan Center. "These are the only areas left within the city limits, and they're relatively affordable from a developer's standpoint. So these are the areas they've been zeroing in on for the last year or so."
More than half of renters that are cost-burdened in Broward County spend more than 50 percent of their monthly income on rent alone, according to the Broward County Affordable Housing Needs Assessment. The report was compiled for the county this past summer by the Florida International University Metropolitan Center, using data from 2018.
The Metropolitan Center at Florida International University recently released an affordable housing needs assessment for Broward County that found Fort Lauderdale has more than 30,000 cost-burdened households, with 33% being owner-occupied and 59% being renter-occupied. The city also has the second highest foreclosure rate in Broward with 1 in every 1,281 homes in distress, according to the assessment.
“The location of this project, built close to the downtown area, means residents are in close proximity to employment opportunities,” said Ned Murray, an associate director at the Jorge M. Pérez Metropolitan Center