Most average earners, including attorneys, cannot afford rent in South Florida.
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State Attorney Katherine Fernandez Rundle says rents are so high in Miami that 92 lawyers in her office have left for higher-paying jobs.
The public defender estimates he has lost 62 lawyers for the same reason.
The average rent for a one-bedroom in South Florida has jumped $800 to between $1800 and $2500 a month surpassing the outrageous rents charged New York and San Francisco.
Part of the reason for the increase in housing costs is a decrease in supply with more people moving to Florida during the pandemic to escape draconian mask and vaccine mandates.
What about rent control? Apparently Florida law exempts luxury apartments from rent control.
According to the 1970’s law, a luxury condo is anything over $250 a month.
Temporary rent control could only go into effect if a housing state of emergency is declared.
Meanwhile, the most magical place on earth is lending a hand to help Florida’s housing crisis. Disney World is donating 80 acres of land in Orlando to build more than 13-hundred affordable apartments. This comes after Universal said it will build rent-controlled apartments in the city.
Another solution is to mirror our neighbor to the north. Canada is planning to turn away homebuyers who don’t live in the country. Foreigners will be banned for two years, with the exception of students and workers. The new policy will be revealed today as a way to boost supply.
Canada has one the world’s most expensive housing markets. Prices have doubled over the past two years to nearly $700-thousand. New home construction also slowed during the pandemic.