(Bloomberg)—Miami-Dade County Mayor Daniella Levine Cava, facing rents that have surged more than 30% in the past year, allocated $13 million for tenant assistance and said she would convene a meeting with local officials to cope with what she called an affordability crisis.
Levine Cava, a Democrat, said she will push for faster solutions and will convene mayors from the South Florida county’s 34 municipalities next month to work on a county-wide commitment to affordable housing. She said that bureaucracy and red tape needed to be reduced and that the county’s efforts would focus on both increasing the supply of housing units and a “comprehensive suite” of renter protections.
“Since Covid-19, our economy is the most recovered in the country,” she said at a Friday press conference. “Over the last year, we have also become one of the most unaffordable regions in the country. It is stifling opportunities for many, and hurting our working families.”
The affordability crisis in Miami-Dade County is real. Rents have skyrocketed over 30% in the last year, placing a real strain on families, workers, and local businesses.
Miami saw the largest rent increases in the country among the 50 largest metro areas, with prices soaring a staggering 55% in February from a year earlier, according to a report from Realtor.com. The city is also the least affordable rental market in the country, with a typical rental costing almost 60% of a household income.
“We must make it easier for residents to live, work and thrive in our county,” she said.
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