The Real Deal Miami

Too much affordable housing, some cities say

January 05, 2009 03:19PM

Several South Florida mayors are now saying that they have too much
affordable housing stock and that developers no longer have to set aside lower-priced units for service professionals such as teachers, nurses
and police officers. Pembroke Pines is having trouble renting existing
affordable units and has several hundred more slated to come on the
market. Margate Mayor Pam Donovan said the city’s market-rate housing,
which ranges from $30,000 for a condo to $150,000 for a house, is
already affordable enough. But housing experts say the cities are
failing to look at their long-term affordable housing needs. Housing
prices still remain too high for the average family, they say, and
wages haven’t kept up with increases in home prices.