Miami-Dade’s Mayor Seeks Voter Approval for $800M Affordable Housing Bond Package
Mayor Daniella Levine Cava of Miami-Dade County plans to present a new property tax-backed debt package to voters later this year. The proposed bond package, totaling $800 million, aims to finance affordable housing projects.
Over the past five years, home prices in the Miami area have increased by 82% due to an influx of wealthy residents. This has made it difficult for lower-income individuals and families to find affordable housing options. Despite a stable population since 2020, Miami-Dade county has seen a rise in traffic congestion and one of the highest rates of rent-burdened individuals in the nation.
Many cities across the US are also turning towards bond markets as a solution for their own affordable housing challenges. Places like Telluride, Nantucket, and New York have all sought voter approval for additional funding towards addressing this issue.
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