Miami doesn’t get as much attention as cities like New York City and San Francisco for the cost of housing, but 61 percent of renters in the city are cost-burdened, and 71 percent of the city's residents are residents.
The recently released Connect Capital Miami report, written by Miami Homes for All and the city of Miami, which targets 50,000 housing units to meet existing demand in the city and 12,000 new affordable units by 2024.
Katie Pyzyk shares news of the new report, noting that the city is the third least affordable city in the country, after getting hit hard by the Great Recession and due to the effects of a unique housing market that includes a lot of foreign investment.
"The number of investment properties sitting vacant is a problem in Miami because it drastically cuts into the available housing supply. The report states that as of 2017, nearly 32,000 homes in Miami-Dade County were owned but not occupied," according to Pyzyk.
FULL STORY: Report: Miami needs 50K housing units to meet existing demand
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