Race to the Bottom: New Reports Show How Inflation Is Draining Miami Residents' Wallets

[elchevere]

Originally Posted by MiamiLIFE

I am also a fan of Miami Shores, parts of Little Haiti, and North Beach. I drove all over Miami this past weekend just cruising with the sunroof open and I am always in awe how many distinct nabes there are and how pretty. Special place.

There’s more than 10% of Miami Dade that is nice to extremely nice and more than 10% of residents who can afford to support the City and its amenities.

[Arcenal813]

Originally Posted by elchevere

There’s more than 10% of Miami Dade that is nice to extremely nice and more than 10% of residents who can afford to support the City and its amenities.

LOL. Pardon me... 90% was an exaggeration. I did not mean it to be taken literally.

[elchevere]

Originally Posted by Arcenal813

LOL. Pardon me... 90% was an exaggeration. I did not mean it to be taken literally.

You wouldn’t be the first to post that, tongue in cheek or in many other cases thinking so, on CD (mostly, not entirely, City v City boards).

[CXT2000]

An interesting video released by CityNerd on cities with the most housing + transportation costs, Miami is #1 with the average person spending 95% of their income on this... yikes (bonus is at #0... Hialeah). Take a look at the vid to see the method and top 10.


https://www.youtube.com/watch?v=3-31c_TtYgI

[gixxer1000]

Originally Posted by Arcenal813

Right.
Throwing up a bunch of huge towers is cool and all, and it looks pretty at night, but in order to keep the machine turning, the moving parts need to be well-oiled. Half-empty giant towers for foreign nationals do absolutely for the local residents who are the heart and soul of the city.

I think this misses the mark. Take a second to drive through the rest of Miami and you'll see they are building rental apartments everywhere. Put 1104 NW 1st St into google and you'll find a brand new 8 story building in Little Havana.

For every 2 Brickell and Downtown towers there's another regular building like this all over Miami. And this is the thing that Miami has that most other major cities ahead of it don't, undeveloped land centrally located.

Just look at the map and you'll see dozens of inner city neighborhoods ripe for development. Little havana, West Flagler, Allapatah, Liberty City and on and on.

Heck take a look at Allapatah. It pushes up against the Jackson Health District which is an employment center. Just the commercial area between NW 12th ave and NW 27th ave is about the same size as Brickell. We could easily fit 50k units there that would be accessible not only to an existing employment center of its own but Downtown and Brickell as well.

And that pretty much goes for every neighborhood mentioned. I mean literally 15 years ago there were no apartments in Wynwood and now its packed with them with room for thousands of more units.

The only reason apartment construction slowed down was because material price and delays shot up due to covid. That is still slowly working itself throug the system. We have a record number of rental units on track to be delivered at the same time we are leading the country in compensation growth.

Developers are set to deliver record levels of new apartments, with 2023 expected to have over 8,000 unit deliveries and a forecast to reach record levels in 2024 with over 11,000 new units.

There are currently over 32,000 units under construction, representing the largest supply pipeline in all of Florida and the sixth largest in the country.

When you look at unit underway as a percent of existing units Miami is one of the few cities that is at or above 10%.



Look at the cities larger than Miami and they simply CAN'T build units at this rate. They are lucky if they could get to a rate of half of that.

So over the past couple years people came faster than we could build so housing prices soared. As we level out and deliver thousands of units rental prices will fall. As soon at that happens we'll have another flood of people and rental development will shoot up again.