Housing crisis

This city is ‘the epicenter of the housing crisis,’ says Biden administration official

By Emma Ockerman

Rent prices have skyrocketed this year. US Department of Housing and Urban Development Secretary Marcia Fudge travels to a city to see the crisis firsthand

US Department of Housing and Urban Development Secretary Marcia Fudge dubbed sunny Miami “the epicenter of this country’s housing crisis” during a recent visit. Fudge made the stark remark about Miami’s affordability issues while visiting Liberty Square, a public housing complex in the South Florida city, according to the Miami Herald.

For anyone following the surge in rental prices around the country, focusing on Miami is hardly a surprise. The overall median rental price for the Miami–Fort Lauderdale–West Palm Beach area rose nearly 46% in May compared to the same period last year, according to data from Realtor.com. Miami has also consistently ranked among the fastest growing American cities. increase in rents this year. (Realtor.com is operated by Move Inc., a subsidiary of News Corp (NWSA), and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp.)

Miami is a particularly hot market. Typical home values ​​in Miami are $517,987, Zillow (Z) said in its own seasonally adjusted estimate, up 26.3% from a year ago.

“It’s so different when you see it for yourself,” said Fudge, who visited government-funded apartment complexes and met with local officials last week, according to CBS affiliate WFOR-TV. at Miami. “That’s why I’m here. It’s important that we tackle the housing crisis.”

Fudge suggested reforms to local zoning rules as a potential solution, as well as allocating COVID relief money to ease the pinch, according to the Miami Herald.

The Biden administration has consistently stressed the need to build more housing in the United States, and the White House said last month it wanted to offer incentives to cities that promote housing density. Additionally, President Joe Biden’s budget proposal for fiscal year 2023 includes $35 billion in mandatory funding to HUD so that state and local housing finance agencies, and their partners, can provide grants and financing tools to build more housing and remove barriers to development.

But the need for help in Miami is immediate. Miami-Dade Mayor Daniella Levine Cava said housing affordability was a crisis, and the media featured stories of renters who were forced out of town, often abandoning their homes for more than a year. decade because their landlords decided to sell, as well as protests against rent increases.

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-Emma Ockerman

 

(END) Dow Jones Newswire

07-06-22 1047ET

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