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Home My WebLink AboutSubmittal-Francisco Garcia-Presentation on Affordable HousingAffordable Housing: Miami The Regulatory and Policy Landscape �- 00, / ig 7993 and 7994 Submittal -Francisco Garcia -Presentation on Affordable Housing Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk M iami is one of world's least affordable cities City Affordability gad* Hong Kong &W � San Francisco London Toronto Miami New York Washington DC 4.1 Ottawa 3.9 Dallas 3.7 Osaka, ,Japan 3A Pittsburgh 2.7 A%. M. * NOTE- The affordability gap measures the difference d�etween median household income and median home price.. 18*1 5ource: Vemographia International Housing Aff ordabi I ity Survey MARCO RUIZ rnruiz@rniarniherald_corn 40 TOP 10 00000� W1 R e90 00000 Housing Affordability Suffers D 0000 On The Costly Coasts INGLEW, •• D.WESTMINSTER, CA California continues to be a tough housing market for HIALEAH. FL middle-class homebuyers. Seven of the 10 least affordable housing markets are located in the golden state. - Colors hows percentage point change in sham of hl ,\ WHIP[ CAN SINGLESAFl=ORUTOPUYAkO E -2.0% 20% middle - class income spent on housing,2014-2015 MIN IN IN THE 50LRRGESTU.S.CITIES? Fairfield Count® t , San Francisco, CA Oakland, CA VentMIR ura County, CA - Orange County, CA �� ,- San Jose'71, CA MEM Los Angeles, OM , PQ d CA San Diego, CA Miami, FIL T Honolulu, HI � l Vtrulia Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk T-00 Inventoryy for mid -market homes is dropping There's little new residential construction at attainable price points in Miami -Dade County, meaning inventory for homes priced between $250.000 and $600,000 is falling fast. 5,51$ 5,473 listings listings - M 4,539 listings Nov.2014 Nov.2015 Nov.2016 Source -The Keyes Company 62% Miami has: Opportunities /X4A Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk GENERAL OBLIGATION BOND Miami 21 has a robust Public Benefits Program. • Projects may receive additional height and FLR in exchange for Public Benefits. • Affordable and Workforce housing is an available Public Benefit. • Pending legislative effort is expected to generate increased Public Benefit dollars going to affordable housing. Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Bonus O Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Miami 21 has Attainable Mixed -Income program • Project may double residential density for projects that are 1005,0' Affordable and Workforce. • Project must include 10% ELI housing. Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Miami 21 has substantial parking reductions • Any project within %2 mile of a rail station or % mile of transit corridor can reduce required parking by up to 50%. • Any project within %2 mile of a rail station or % mile of transit corridor that is less than 10,000 square feet has no require parking. TYPICAL UNIT: 130 sf I� L7177, n (e i Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Miami 21 permits Micro -Dwelling Units • Permitted within %2 mile of a rail station. • 275-400 square feet. • One parking space per unit maximum. 1�{Y OF �@[P;,✓® Miarni has: ADUs Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk New legislation will permit the transfer of unused residential Density from Historically Designated sites to TOD areas • City owned historical assets could transfer density for the purposes of building affordable housing. • This would function like a "floating" community land trust. 1 zMiami has: Submitted into the public wi record for item(s) SPA and SP.2, Inclusionary Zoning on 10-14-2020, City Clerk Voluntary program • Program planned for the O M N I area }7 • The only available public '�'' '� �: t ^`OW �� `► � ' 4,-ter benefit would be workforce or affordable housing • • Based on prototypical , current development, pro program posed p g ram is I .� anticipated to produce 10% j �'' s T , s of units as affordable housing or 30% of units as workforce housing. Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk There is ample affordable housing best practice that the City of Miami is studying • Linkage Fee • Vacant Homes Tax • Addressing Homelessness • Short Term Rental Regulation • Preservation of Existing Affordable Housing • Growth of incomes through economic development INCUR[ SRATED 11 _ HOUSING AFFORDABILITY V �� Francisco J. Garcia ,7(o Planning Director Y �„_� ' City of Miami Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Miami is one of world's least affordable cities City Affordability gay* Hong Kra Sari Francisco London Tor rrt Miami New "fork Washington DC Ottawa Dallas Osaka, Japan Pittsburgh .1 4 .7 2.7 * NOTE- The affordability gap measures the difference between median house hoId irticome awed median home price, 18*1 5uurce: D-ernographia International Housing Aff ordab�i I ity Survey MARCO RLIIZ mruiz@miarniherald_corn 01 `lr� Challenges * INLIIP 11d111 �F "" j 0 It 4 High Land Costs L 9 Rental Trends Downtown Miami 2012 — $27255 2013 — $2)371 2014 — $27481 2015 — $27582 2016 — $2)590 Average cost for 2 BR Units A Biscayne Blvd & NE 58 St • Sold $19.51VI (2017) NW 2 Ave & NW 23 St • Sold $8.51VI (2015) Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk 300 Biscayne Blvd Way • $125M (2014) ■ J _ AL IF r, 40 or Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk -r 41 41 O Q E w U Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk MIAMI AREA EMPLOYMENT BY INDUSTRY acaPaF c y a` �eQe �•a �cO a0 aaQ d � c ea O � eya `3O �� J �a � �o ' 0 0,0 5,00,4 100,000 90,73069,44061.80054,46043.280 42.140 42100 'oRg0 39,37033560 0 0 0 �005I 301 190291 9302' 1'11�� 090 15 "IQ" oo` `oc`' 8ztl `o.' o o a,0 JQ JQ JQ JQ JQ J�JqJqJpa4apa4a�a4a, `C Lto JJJJJ:JRJR"q,z O O`O `O ``O�O O�OIO° O ,O O "O 60 , (-;Oo' o°te0 0 } ac Q oB 5 4, 190, acOo10 °o °a a`.`�aa` o0 l (;e q � B e l o w M edian Annual Wage P IL Above Median Annual Wage Industry Sectors 01 `lr� Challenges * INLIIP 11d111 �F "" j 0 It 4 High Housing Cost L 9 Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Miami -Dade 0.6 United States 0.4 - 0.2 Top 25 Average Miami -Dade County (Real Estate Market Report, 2016: Q4) 01 `lr� Challenges * INLIi! Ifdlll �N 0 It Legacy Low Density Zoning L j 9 Fr ��1�,�-- . ..ems - '�- •j .-.- � .�+ "'' or -IC, alit• r'',, . F ,r r Or `+ NO-, . . ♦ Y � R Prevalent zoning patterns A 01, Challenges 0 ItDerelict Housing 41, Weak Enforcement Miami 21 has a robust Public Benefits Program. • Projects may receive additional height and FLR in exchange for Public Benefits. • Affordable and Workforce housing is an available Public Benefit. • Pending legislative effort is expected to generate increased Public Benefit dollars going to affordable housing. Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Bonus O Challenges State Preemption airbnb Vacation / Short term rentals 01fr� Successes * INLIi! Ildlll �N 0 It Attainable Housing Policies L j 9 r IMPLEM NTED • Inclusionary Zoning- • Ancillary Dwelling Units De-n # Gonuses Attainab16-!4ousJr� l _ r � �- y= � ( � Est=or�c Properties) • M l c_r-GJj as -(TO D -_ linked) _fAI R -ki equirer fi s' servation-of us a Ri ccum117ng Afford m 1.. Successes Attainable Housing Policies W �j Linkage Fees - -Seas-o-Occupancy-,O ccu pan cy Ass#§tfnb'n "Mum ftp- ShortOntal Re Term M0-ago&4-11 Z74 air P70 A • Program planned for the OMNI area. • The only available public benefit would be workforce or affordable housing. • Based on prototypical current development, proposed program is anticipated to produce: 0 10% of units as affordable housing 0 30% of units as workforce housing Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk ill t `'�• `► ! � ' � ,k,-ter r r 01fr� Successes * INLIN! Ildlll �N 0 It Attainable Mixed Income L j 9 Miami has Attainable Mixed - Income program • Project may double residential density for projects that are 100% Affordable and Workforce. • Project must include 10% ELI housing. Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk �7A 01 'r" Successes * 0 It Ancillary Ifdlll �N °" 4 Ancillary Dwelling Units L j 9 DOD TYPICAL UNIT: 130 sf l f I Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk Micro -Dwelling Units • Permitted within % mile of a rail station. • Area 275-400 sf. • One parking space per unit maximum. Successes * INLIi! Ifdlll ,N �Lo'x't°4 Parking Reductions y � 1 1• • y 1- nF,r� Successes * INLIIP 11A111 �F "" 0 It j 9 4 A Community Land Trust L Submitted into the public record for item(s) SPA and SP.2, on 10-14-2020, City Clerk New legislation permits the transfer of unused residential Density from Historically Designated sites to TOD areas • City owned historical assets may transfer density for the purposes of building affordable housing. • A community density trust