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Miami Takes Steps to Fight the Housing Crisis – CBS Miami


MIAMI (CBSMiami) – In an effort to combat the housing crisis in Miami, on Thursday, Miami Mayor Francis Suarez, along with city commissioners, announced that they are working together to create more affordable options through two initiatives.

First, they will help ease the burden of sky-high rents for some, through the city’s cryptocurrency, Miami Coin.

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“Today we’re not just making a statement, we’re doing something about it,” Suarez said. “We will allocate, and I am proposing to allocate, $5 million from Miami Coin. The $5 million that we receive in currency (to be delivered) to our residents in the form of a housing rental assistance fund. ”

Included in that fund, up to $1,000 in direct payments for up to $6,000 over a six-month period. But not everyone is eligible.

“It will go to residents who have experienced a rent increase of more than 20 per cent,” said Suarez.

In addition, you must have lived in the city for at least three years to be able to use the money.

Commissioners Ken Russell and Manolo Reyes weighed in.

“We all know the rent is too high. In fact, the city of Miami is the most affordable city in the country,” said Russell.

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The commissioners said part of the money would also go to seniors with fixed incomes.

“Excessive housing demand places a huge burden, especially on young people and the elderly,” Reyes said.

President Christine King also helped negotiate, putting $60 million into the Little Haiti trust to create The Citadel Village Development, a housing complex with 96 affordable apartments.

“Residents facing progress now have the opportunity to continue living in their communities in decent, affordable homes,” she explains.

City leaders say the lack of affordable housing is their top priority.

“It was a problem that came before this time, but it is a problem that is exacerbated by many things that are beyond our control, like rapid inflation, excess government spending has created the rise in rents across the country,” said Suarez.

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The commissioners will have to vote on this, although some of them have supported the proposal verbally. It’s on the February 24 agenda.



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