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Construction workers work on the foundation of “Project Peach” as the Omni CRA held its groundbreaking for the development of the mixed-use affordable housing project in Overtown on Thursday, May 30, 2024, in Miami.
cjuste@miamiherald.com
In South Florida, the pace of construction is far from keeping up with the needs of not only a growing senior citizen population filled with retiring Baby Boomers, but hourly wage workers who toil in the region’s traditional industries such as construction, health care, hospitality, retail, trade and transportation.
RentCafe, a firm that tracks apartment rental pricing nationwide, has released a survey that showed Broward and Palm Beach counties ranked well behind Miami-Dade in the construction of affordable housing for lower-income renters. The national survey took snapshots of new affordable apartment construction in nearly 150 metropolitan areas during two time periods: 2015 to 2019 and 2020 through 2024.
The greater Miami metropolitan area led the state “by a wide margin, with 8,690 affordable apartments completed between 2020 and 2024. These units account for about 19% of all new apartment construction in the metro,” Rent Cafe said. “Compared with the previous five-year period, affordable housing construction in Miami increased by 97%, reinforcing the metro’s role as Florida’s largest hub for income-restricted development.”
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David Lyons
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