MIAMI – May 7, 2019 – A new study shows that Miami’s affordable housing crisis is so dire, the city needs at least 50,000 units just to meet the existing need.
But the Connect Capital Miami Report, which was released Monday, also reveals a combination of tools and resources that could help alleviate the dearth of housing for cost-burdened residents.
According to the report, 71 percent of households in the City of Miami are renters, and 61 percent of those are cost-burdened, meaning they are paying more than 30 percent of their income in rent.
The recommendations of the report would result in the creation or preservation of 12,000 affordable housing units by the year 2024, according to Annie Lord, executive director of Miami Homes For All, a non-profit advocacy group that combats homelessness.
“This plan wouldn’t solve the entire problem, but it would take a sizable bite out of it,” she said. “We’re seeing a lot of support from city administrators, so it’s about harnessing their excitement and interest into solutions.”
The report identifies six potential development pathways for generating affordable housing units. Among them are the Rental Assistance Demonstration Project, a federal program that allows local governments to redevelop obsolete public housing by replacing every existing unit and increasing the number of affordable units while also adding market-rate units.
Source: © 2019 Miami Herald, Rene Rodriguez. Distributed by Tribune Content Agency, LLC. El Nuevo Herald staff writer Sarah Moreno contributed to this report.