‘It’s stunning’: FIU study paints a grim picture of affordable housing in Palm Beach County – Palm Beach Post
'It's stunning': FIU study paints a grim picture of affordable housing in Palm Beach County Palm Beach Post
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Gentrification Threatens Affordable Housing in Palm Beach County
Sustainable Development Goals (SDGs)
- Goal 1: No Poverty
- Goal 11: Sustainable Cities and Communities
Gentrification continues to sweep through Palm Beach County, placing more of its housing stock out of reach for households with an income of less than $145,000.
According to a 20-page study undertaken for the county by Florida International University, households with income under that figure will find it challenging to find housing in Palm Beach County. The study highlights the existing affordable housing shortfall and the factors contributing to it, such as rampant investor buys, housing appreciation, rent increases, and limited affordable housing projects.
The study emphasizes the negative impact of rapid appreciation on housing affordability and the resulting outmigration of young people from the county. It also points out that the current level of new housing construction activity is insufficient to meet the population growth, with nearly three-quarters of the county’s housing stock being more than 25 years old.
The population of Palm Beach County is expected to increase by more than 205,000 people from 2022 to 2035, exacerbating the housing affordability problem. The study suggests that the prices have started to level off, allowing for a more accurate projection of future housing affordability.
Impact on Affordable Rental Units
The loss of affordable housing units is a significant concern, with a decrease in homes valued at less than $400,000 and a significant decrease in monthly rentals of $2,000 or less. The study highlights the need for more aggressive measures to increase density on projects and create more affordable housing units while respecting the community.
Proposed Solutions
Jonathan Brown, the county’s director of housing and economic development, proposes changes in how funds are distributed to projects seeking assistance through the county’s $200 million housing bond issue. These changes include limiting workforce housing projects to owners with incomes no greater than 110% of the area median income, reducing assistance to 20% of total development cost, and extending the deed restrictions for rental projects to 50 years.
Developers have cited high construction costs and interest rates as barriers to undertaking affordable housing projects. However, the county has recently approved the first four projects to make use of the funds from the $200 million housing bond, which will provide affordable housing options for low- and middle-income families.
The FIU study highlights the need for proactive measures to address the affordable housing crisis in Palm Beach County and ensure sustainable cities and communities for all residents.
SDGs, Targets, and Indicators
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SDG 1: No Poverty
- Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance.
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SDG 11: Sustainable Cities and Communities
- Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
- Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries.
- Target 11.7: By 2030, provide universal access to safe, inclusive, and accessible, green, and public spaces, in particular for women and children, older persons, and persons with disabilities.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance. | Not mentioned in the article. |
| SDG 11: Sustainable Cities and Communities | Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | Not mentioned in the article. |
| Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries. | Not mentioned in the article. | |
| Target 11.7: By 2030, provide universal access to safe, inclusive, and accessible, green, and public spaces, in particular for women and children, older persons, and persons with disabilities. | Not mentioned in the article. |
Analysis
The article highlights the issue of gentrification and the increasing unaffordability of housing in Palm Beach County, Florida. Based on the content of the article, the following SDGs, targets, and indicators can be identified:
SDG 1: No Poverty
The issue of unaffordable housing affects households with incomes below $145,000, making it difficult for them to find housing in Palm Beach County. This aligns with SDG 1, which aims to eradicate poverty in all its forms and dimensions.
SDG 11: Sustainable Cities and Communities
The article discusses the lack of access to adequate, safe, and affordable housing in Palm Beach County, as well as the need for inclusive and sustainable urbanization. These issues are directly related to SDG 11, which focuses on creating sustainable cities and communities.
Summary
The article addresses the issues of unaffordable housing and gentrification in Palm Beach County, Florida. These issues are connected to SDG 1: No Poverty and SDG 11: Sustainable Cities and Communities. However, the article does not provide specific targets or indicators related to these SDGs.
Source: palmbeachpost.com
