Miami-Dade commissioners will consider a proposal today that would create workforce housing in future luxury developments, allowing the likes of teachers and hotel employees to live near their jobs, per the Daily Business Review:
Under the proposal, developers building more than 20 units would have to set aside 10 percent for people who fall within the workforce-housing income range of $28,800 to $67,200 per year. It would apply to all forms of housing including apartments, condominiums and single-family developments.
In return, developers would receive a 15 percent to 25 percent density bonus depending on the number of inexpensive units created.
Modeled after other successful programs in Maryland and Virgina, it’d most definitely benefit the middle class amid South Florida’s seemingly never-ending luxury residential development boom.
Per DBR, of the 7,200 units to be completed this year, only a little over 6 percent are considered affordable, according to Marcus & Millichap’s market report from the third quarter.
The proposal, which has to be feared by developers because of a decrease in profits, will be heard this afternoon in front of the economic prosperity committee in Downtown Miami.