Developers are warning that a proposal in Miami-Dade to set aside housing for middle-income workers in all communities would result in higher prices for those who can't afford them. The Miami Herald reports:
A push to mandate workforce housing in new Miami-Dade projects met with warnings Thursday from developers who said the rules would boost real estate prices for home buyers making too much money to qualify for the help.
The proposal by County Commissioner Barbara Jordan would require developers of projects with at least 20 housing units to set aside 10 percent of their inventory for families making up to 140 percent of the median income in Miami-Dade. That is currently $43,000, according to the latest Census figures, so the target market would be capped at families making about $60,000 a year.
In exchange for reserving the units for working-class buyers, developers could build 15 percent more units than zoning currently allows. Developers could also opt out of the restrictions by paying an undetermined fee for each required unit, with the money going to a fund used to subsidize affordable-housing projects.