The city of Miami will for the first time require that affordable housing be included in private residential development projects. The mandatory inclusionary zoning was made more palatable to developers by upzoning the affected area.
"In what could be a substantial step forward in local efforts to stem a housing affordability crisis, the city of Miami appears ready to begin requiring developers of some new residential towers to set aside a percentage of units for residents with low incomes," reports Andres Viglucci.
"The 'inclusionary zoning' measure, approved late Thursday by the City Commission on a preliminary 4-0 vote, is the first in Miami-Dade County to mandate inclusion of affordable housing in new private development projects." Adds Viglucci. The measure will face a second, deciding vote in December.
Miami's new inclusionary zoning regulations are confined to a 30-block area of "blighted and vacant" land, called the Omni community redevelopment district, which is already seeing redevelopment investments.
According to the article, the proposed inclusionary zoning measure won support from developers and land use attorneys that would typically oppose regulatory mandates because the affordable housing requirements come with increased density, "providing the developers more buildable density to offset the lower revenue they will generate from setting aside specific percentages of units for strictly defined affordable and workforce housing."
FULL STORY: Miami will start making developers provide affordable housing in some new towers
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