Issue Statement and Context
Greater Miami consistently ranks as one of the least affordable metropolitan areas in the nation, and as one of the most rent-burdened. Surveyed residents regularly cite housing as one of the primary issues they would like their government to address to improve their quality of life and ability to thrive in our community.
According to Miami Homes for All’s July 2020 Miami-Dade Affordable Housing Framework, approximately 50% of all households in our community are cost-burdened as of 2018, and 250,000 of these households (30% of total households) earn less than $35,000 per year and pay more than they can afford for their rent or mortgage. Miami-Dade was also ground zero for the 2007 housing bubble, which deeply impacted this community’s economy and hampered the ability of many to build generational wealth. Housing affordability has again faced a major shock in the wake of the COVID-19 pandemic.
Detailed Action Summary
Boost the supply of affordable housing across the County.
- Establish a new ambitious housing goal to have at least 14,000 affordable rental and homeownership units in financial closing by the end of 2022. PHCD will provide quarterly progress updates on meeting the target goal, including population and income level served. PHCD will also explore expanding the existing Miami-Dade County Housing Affordability Tracker, which displays planned, ongoing, and completed housing development projects by population served.
- Partner with localities, civic institutions, and residents to create a framework for developing housing on underused public and institutional-owned land. This cross-sector effort will build upon existing collaborations, including the School Board and the faith-based community that are already yielding hundreds of new units of housing on land not traditionally used for affordable housing.
- Partner with the nonprofit and private sectors, including major employers, to better leverage innovative funding streams for affordable housing.