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.
Related Stories
MFPRO+ News | Mar 1, 2024
Housing affordability, speed of construction are top of mind for multifamily architecture and construction firms
The 2023 Multifamily Giants get creative to solve the affordability crisis, while helping their developer clients build faster and more economically.
Multifamily Housing | Feb 29, 2024
Manny Gonzalez, FAIA, inducted into Best in American Living Awards Hall of Fame
Manny Gonzalez, FAIA, has been inducted into the BALA Hall of Fame.
MFPRO+ Research | Feb 28, 2024
New download: BD+C's 2023 Multifamily Amenities report
New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.
Affordable Housing | Feb 26, 2024
Biden-Harris Administration announces historic homelessness assistance funding
The Biden-Harris Administration allocation of $3.16 billion in homelessness assistance funding will be administered by the U.S. Department of Housing and Urban Development through the Continuum of Care Program.
Building Tech | Feb 20, 2024
Construction method featuring LEGO-like bricks wins global innovation award
A new construction method featuring LEGO-like bricks made from a renewable composite material took first place for building innovations at the 2024 JEC Composites Innovation Awards in Paris, France.
Sports and Recreational Facilities | Feb 19, 2024
Sports stadium developers sweeten projects with affordable housing to gain support
In recent years, sports stadium developers have been including affordable housing in their projects to win support from local governments and community activists.
MFPRO+ News | Feb 15, 2024
Oregon, California, Maine among states enacting policies to spur construction of missing middle housing
Although the number of new apartment building units recently reached the highest point in nearly 50 years, construction of duplexes, triplexes, and other buildings of from two to nine units made up just 1% of new housing units built in 2022. A few states have recently enacted new laws to spur more construction of these missing middle housing options.
Multifamily Housing | Feb 14, 2024
Multifamily rent remains flat at $1,710 in January
The multifamily market was stable at the start of 2024, despite the pressure of a supply boom in some markets, according to the latest Yardi Matrix National Multifamily Report.
Industry Research | Feb 8, 2024
New multifamily development in 2023 exceeded expectations
Despite a problematic financing environment, 2023 multifamily construction starts held up “remarkably well” according to the latest Yardi Matrix report.
Senior Living Design | Jan 24, 2024
Former Walgreens becomes affordable senior living community
Evergreen Real Estate Group has announced the completion of Bellwood Senior Apartments. The 80-unit senior living community at 542 25th Ave. in Bellwood, Ill., provides independent living options for low-income seniors.
