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Florida’s affordable housing law expected to fuel multifamily residential projects

Affordable Housing

Florida’s affordable housing law expected to fuel multifamily residential projects

The new law will supersede local governments’ zoning, density, and height requirements.


By Peter Fabris, Contributing Editor  | April 7, 2023
Florida’s affordable housing law expected to fuel multifamily residential projects Image by StockSnap from Pixabay
Image by StockSnap from Pixabay

Florida Gov. Ron DeSantis recently signed into law affordable housing legislation that includes $711 million for housing programs and tax breaks for developers.

The law supersedes local governments’ zoning, density, and height requirements for affordable housing in areas zoned for commercial or mixed-use development. It also strips local municipalities’ ability to enact rent control, which had only been possible during a housing emergency.

Local governments must allow multifamily or mixed-use residential projects that set aside at least 40% of the residential component for affordable housing for at least 30 years. Counties are not allowed to restrict the height of a proposed development below what’s currently allowed within one mile of the planned project if the project sets aside at least 65% of the square footage for residential purposes.

Developers of affordable housing and some with mixed-use projects in mind are expected to create more housing as a result of the new law. South Florida became one of the least affordable housing markets in the country last year, following rent increases during the pandemic.

 

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