Increasing Workforce Housing in Miami

Abstract

Miami is at the center of the housing affordability crisis, ranking for the first time ever above San Francisco and New York, Miami recently became the least affordable housing market in the United States. Rising rates, record prices, insurance premiums and the unprecedent migration to Southeast Florida due to the pandemic exacerbated the housing costs on Miami’s households. Since the recent migration, over half of the households are now spending more than 30 percent of their income on housing. In this paper we investigate potential solutions through public policy, and private capital markets to help increase the supply of workforce housing, whilst producing a commercial rate of return.