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Home My WebLink AboutSubmittal-Francisco Garcia-Presentation on Affordable Housing1 Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Affordable Housing: Miami The Regulatory and Policy Landscape 7993 and 7994 Submittal -Francisco Garcia -Presentation on Affordable Housing Miami has: Affordability Issues Miami is one of world's least affordable cities City Hong Kong San Francisco London Toronto Miami New York Washington DC Ottawa Dallas Osaka, Pittsburgh Affordability gap* th. Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk 18.1 1M • 4.1 3.9 .7 3.4 23 5.7 7+7 8.5 . 2 South Florida's coveted status as a magnet for foreign investment has a big downside for locals: The region is now oneofthe world's Feast affordable housing markets. A survey of nearly 100 large metro areas in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, the United I' ' • dom and the United St . es found that * NOTE: The affordability gap measures the difference between median household income and median home price. Source; Dernographia International Housing Affordability Survey MARCO RUIZ mruiz@miamiherald_com Miami has: Affordability Issues Housing Affordability Suffers On The Costly Coasts California continues to be a tough housing market for middle-class homebuyers. Seven of the 10 least affordable housing markets are located in the golden state. Color shows percentage point change in share of -2.0% 20% middle-class income spent on housing. 2014-2015 San Francisco, CA Oakland, CA 19.7 1.9 7.4 CASan Jose 5.0 5.2 3.7 Cogs Angeles, Ventura County, CA Orange County, CA San Diego, CA a) Honolulu, HI Fairfield Count® Miami, FL CD 9trulia Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk smart TOP10 'LEAST AFFORDABLE HOUSING MARKETS IN AMERICA 0 PASSAIC,NJ 0MIAMI, FL 0 HAWTHORNE, CA 0 DAVIS, CA 0 BALDWIN PARK, CA 0 PATERSON, NJ 0 EL MONTE, CA Q INGLEWOOD. CA 0 WESTMINSTER, CA "Irlike 0HIALEAH, FL �1:� (M) Portland 43000 rw-litHERE CAN SINGLES AFFORD TO PUV A ROME 1 L IN THE 50 LARGEST U.S. CITIES? Sacramento Colo ado Los Angeles I=3.Albuquerque San Di ego �142 Feb Affordable Unaffordable PropertyShark SpringsCVO T� ArIiegtan San Antonio Austin atm I:Iinnenpuli_ tdifera ukee oecolt Omah, Kansas Cny Chicago columhus Indianapolis iv roo e41 Baltimore Washinclon Virginia Beach New Orleans Raleigh Jacksonville Philadelphia Inventory 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. 5,518 5,473 listings listings 4,539 listings Nov. 2014 Nov. 2015 Nov. 2016 Source- The Keyes Company MIAMI f their HOUSING COST -BURDENED #100Greatldeas Miami has: Opportunities Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk GENERAL OBLIGATION BOND Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk 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. Miami has: Attainable Mixed Incom Miami 21 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) SP.1 and SP.2, on 10-14-2020, City Clerk Brickell View Terrace Miami has: Parking Reductions Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Miami 21 has substantial parking reductions • Any project within 1/2 mile of a rail station or % mile of transit corridor can reduce required parking by up to 50%. • Any project within 1/2 mile of a rail station or % mile of transit corridor that is less than 10,000 square feet has no require parking. Miami has: Micro -Units 0.4 TYPICAL UNIT: 130 sf • Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Miami 21 permits Micro -Dwelling Units • Permitted within 1/2 mile of a rail station. • 275-400 square feet. • One parking space per unit maximum. Ancillary Dwelling Units are a respectful way to add density to single-family neighborhoods. • 450 square foot maximum • Property owner must live on site wirr r tit Submitted into record for item(s) SP.1,an • x+w on 10-14-2020, City Cler Miami has: A Community Land Trust Atitir Submitted into the public record for item(s) SP.1 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. i NM. MIVAMMik."111M ALI#LMA mot,- ----- --- -- - Miami has: Inclusionary Zoning Voluntary program • 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 10% of units as affordable housing or 30% of units as workforce housing. Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk ti . • • wOft r d w t4. Submitted into the public record for item(s) SP.1 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 Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk HOUSING AFFORDABILITY Francisco J. Garcia Planning Director City of Miami Miami has: Affordability Issues 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 gap* Hong Kong San Francisco London Toronto Miami New York Washington DC Ottawa Dallas Osaka, Japan Pittsburgh 2.7 18.1 7' 1 41 3.9 3.4 6.1 53 ,1 South Florida's coveted status as a magnet for foreign investment has a big downside for locals: The region is now one of the world's least affordable housing markets. A survey of nearly 100 large metro areas in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, the United Kingdom and the United States found that South Florida has the 20th largest gap between median incomes and median home prices. '7 .5 * NOTE! The affordability gap measures the difference between median household income and median home price, Source: Oernographia International Housing Affordability Survey MARCO RUIZ rnruiz miamiherald_cQm it I� 4 L t� R Rental Trends Downtown Miami 2012 — $2,255 2013 — $2,371 2014 — $2,481 2015 — $2,582 2016 — $2,590 Average cost for 2 BR Units Biscayne Blvd & NE 58 St Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk 300 Biscayne Blvd Way • Sold $19.5M (2017) • $125M (2014) NW 2 Ave & NW 23 St • Sold $8.5M (2015) ir Challenges Excessive Luxury Inventory 409 IL* Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk a) a) ) 0 Q E w Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk MIAMI AREA EMPLOYMENT BY INDUSTRY 200,000 , 150,000 100,000 0 108,040 90,730 69,440 61.800 54,460 1 43.280 41.140 42 100 '9 490 39,370 33,56° 30,190 29.910 1122,090 ,0 16,930 15, 580 11,610 10.620 ' 3,810 2,050 c`' c`' c' c' o`' c`' c`' c`' .' c' c' c' c c c o' c' c' c' c' c o' ��o `�o �o o '>o boo `�o �o `o :>o �o ��o �o �o ��o `�o ��o ��o o ��o `o ��o a a a a a a a a a a a 2 a a a a a a a a a a �eJ% e�Js ��J( �cS °�J� )�J� C°J� fr�J� 6. 6' c(' (.(' �0)C SOP ��J� ��J� ��JQ ��JQ �J� ��J� ��J� ��J� O O O O O O O O O O O O O O O O O O 0(.. O O O �� ea ea c� a c` c� arc . o° ',e . c` e �e c, a� a .a �e e QQ° era era o� ,oc ate` ;Oc eQ �� ec' cac cc L` ec° QQ a.. �e ea e� e� `ec ce`' y° P 0• tS e' ec % ao '� �e �¢ Ica ,. co F 4 �5 ice S� o e a Co a Q ca ca co e a + a e re s �a Qo a� a`` `� ac . mac` ca �O a a Q .& a a° ac- ac ac a� c` o� sS C c ca ec' a� a .a Q,• �e• �e �` �` ac ce cc 4' c,Q° 5 a 5o a .y` a`e �` . c� c` 3, c° c� c La a�� a �, ca a° a c� Fc 5 J e a ec 42 c .o a` e a° ec a ce ac r. a° aca `soc .`�° ,\ca . �� ea Lc o �' ec F �d o a• �. Pa �.oc .`O< ems ca oc a` s y�c° ec`O °` ac oc �e�` y6 Q, ````eaca Qce9- aQay. ease, ca 5`cey'' (..1, a`o<, Vc°Jca `oc Q `oFQ �S`ec. `o�co Pcr `1/4 eQri ccac�•c O 0 a° �'r �° �a�� ° ■ ccoo 1c lea \ch te,' pes 0 csy P Industry Sectors L Below Median Annual Wage Above Median Annual Wage Wages by Sector Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Ratio of Median Rent to Median Household Income: Multifamily 5+ Units 0.6 0.4 0.2 Miami -Dade United States Top 25 Average • 11? 211? 201,1 2015 2016 Miami -Dade County (Real Estate Market Report, 2016: Q4) Challenges Legacy Low Density Zoning LA' Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Prevalent zoning patterns \ " NO R Challenges Derelict Housing Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Weak Enforcement Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk 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) SP.1 and SP.2, on 10-14-2020, City Clerk Vacation / Short term rentals Successes Attainable Housing Policies IMPLEIVI NTED Inclusionary Zoning - r Ancillary Dwelling Units Den ty _Bonuses (Attainabt.6104in e a Properties) f Mica it (TOD linked) kRe ce; ��lo. i quirerrns rO Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk servation of ccu rri ng Afforda Successes Attainable Housing Policies Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk I. 14 4../ ,,,. 4'4« r , t;`) ' • - ' lii" 1 /, Linkage Fees -_, .„,:„..., •, af 2:::*': _ . __---41,4-- SeanalnOccupancy AsstesTmentiku .:1111C- - - -21.1.1.1111- '.• - -.:- -7'7 • Short Term Rental Ron e ati , , ..,.....,, _., ,_........., Successes Inclusionary Zoning • 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: o 10% of units as affordable housing o 30% of units as workforce housing Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk e• 4.1 w r d w 4 0 t4. !•� Successes Attainable Mixed Income 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) SP.1 and SP.2, on 10-14-2020, City Clerk Brickell View Terrace Successes Ancillary Dwelling Units Ancillary Dwelling Units are a respectful way to add density to single-family neighborhoods. • 450 square foot maximum • Property owner must live on site Submitted into te public record for item(s) SP.1 a on 10-14-2020, City 0.4 TYPICAL UNIT: 130 sf Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk Micro -Dwelling Units • Permitted within 1/2 mile of a rail station. • Area 275-400 sf. • One parking space per unit maximum. Miami has substantial parking reductions • Any project within 1/2 mile of a rail station or mile have required parking reduced by up to 50%. • Any project within 1/2 mile of a rail station or mile is Tess than 10,000 sf has no required parking. Submitted into the public record for item(s) SP.1 and SP.2, on 10-14-2020, City Clerk of transit corridor can of transit corridor that Submitted into the public record for item(s) SP.1 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 i Fmr NOW MirdilIMOIM awarvoir 17 "=fi r ., =6