Tomás Regalado,
Miami
Miami is a big and tough market for renters.
In a city where roughly 65% of the people are renters, it’s especially tough to find an affordable place to live. Only 32% of available apartments were considered affordable for the typical Miami renter in 2013, according to a recent study by the New York University Furman Center and Capital One.
Like many other big city mayors, Tomás Regalado says affordable housing is becoming more of a priority. “As market conditions improve, the cost of housing continues to rise and property values increase beyond the reach of lower-income families,” he tells AHF. “Rent levels increase for renters, and property values increase beyond the reach of lower-income families, increasing the need for affordable housing development.”
To help boost production, city leaders are considering the possibility of adopting an inclusionary zoning policy, according to Regalado.
He also recently said the city wants to use the EB-5 investment program—which exchanges visas for large investments in U.S. businesses—to create more affordable housing projects.
With residents 62 years and older making up about nearly 19%
of the city’s population, Regalado’s administration also hopes to see
developers building more seniors housing so these households can age in place
and remain in Miami.
