The Need for Affordable Housing is Now – Not Tomorrow
Florida is having the same problem that many cities around the country are facing with trying to provide affordable apartments to their residents.
The economy has been good for the last couple of years and the developers that purchased land before, were able to complete their projects that were designed to be “A” properties with many amenities that were providing the “WoW” factor and with that the rent’s have continued to climb.
Unfortunately wages have not risen as rapidly for many individuals and they can no longer afford to pay the higher priced rents. Rents in general have also increased and now even the “B” class property rents have been raised beyond their means as well.
With the growth of individuals from out of state moving to Florida it has put a lot of stress on increasing rents and units that are available as workforce or affordable housing are simply not available at all price ranges. Affordable and workforce rental units are not projected to caught up with the total units needed until 2030.
Many in the industry are under the impression that construction of new communities will slow down this year and next. If rents hold the levels as they are now, there will still be a shortage of affordable housing for many people looking to rent.
Please read the memo below from the Florida Apartment Association regarding this very real situation. Then contact your local Florida Representatives and Senators and send them the Call for Action letter to state the need for more Affordable Housing. This is an important issue to everyone. There is a real need to have adequate housing to support the wage earners in our community who want and need clean, safe and affordable apartment homes.
The demand for affordable housing is on the rise and many Floridians struggle to pay for housing. According to the National Multifamily Housing Council, Florida will need to add 669,000 new apartment homes by 2030 to keep pace with the state’s current demand for apartments.
Florida has a dedicated funding source to build more affordable homes in the form of the Sadowski Affordable Housing Trust Fund, but year after year these funds are swept to pay for other budgeting concerns. In addition, only 35% of funds from the Sadowski Housing Trust Fund are allocated to apartments, per Florida Statute 420.9075, while 65% of funds are allocated to homeownership programs. Apartments can provide more housing per square foot at a lower cost than single-family homes. Additionally, apartments can be produced faster and with fewer barriers to entry. Apartments can house more Floridians, create jobs, and provide stable housing.
Please contact your Florida House and Senate members and ask them to take action on affordable housing by fully funding the Sadowski Affordable Housing Trust Fund and to increase funding for affordable apartments.