The Florida Legislature is now considering bill SB 102. If it is adopted, an unprecedented amount of $711 million will be assigned to the state’s housing-building programs. A donation program for corporations will also be created, under which some tax payments will be channeled to issue low-interest loans for construction of inexpensive apartments. Unless the funding is extended at subsequent legislative session, this will be a one-time payment.
Besides providing the funds, the bill also extends the list of property types that may be built on commercial sites if the developers are willing to include affordable housing and workforce housing in the project. The bill prohibits counties to establish the density of proposed affordable housing developments lower than the maximum allowable density at any non-incorporated land. Additional property tax exemptions are provided to encourage developers and prevent local administrations from introducing rent control measures to reduce the cost of residences.
This promising bill is aimed at partially solving the problem of housing that has lately become unaffordable for Floridians with low and medium incomes. According to the Redfin real estate agency, house prices in Palm Beach County grew by 13.5% in January 2023 compared to last year. The rent increased by only 3.9% relative to the previous year (according to the statistics from the online rental platform Apartment List). Nevertheless, rents in many parts of Florida remain too high for too many residents.